I've been asked to fill in an RX1 form for a property I dually own with my partner! He is obviously worried about this.
Can someone explain that as it's me that has the IVA will it cause him to not be able to get credit? He has a car on finance and needs to take a loan out next year to pay it off. Would the RX1 stop him getting a loan?
All the RX1 does is put a notice on the property title deeds that the IP is an interested party in the property --- so he or she gets informed if you attempt to sell the property and can claim the equity due to be paid into the IVA (85% of your share). It will not appear on his, or your credit files.
The IVA will appear on your credit report and rubbish your credit rating. As you are both linked financially you will be named on his credit file as being associated. Some lenders wgho credit check him might then go on to credit check you and this could affect their decision.
Presumably the car loan will be secured on the vehicle, so this would help. It will be down to individual lenders as to their reaction, but his credit worthiness should not be destroyed and there are many other things they will take into consideration to build a complete picture.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
