Separating - will his IVA affect me?

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stephanie

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Post by stephanie » Thu Aug 05, 2021 8:08 am
Me & my husband are no together he is dicussing entering into an IVA once he has found a house to rent.
As our credit card debts are joint where would this leave me?
I am currently living with my mum with 2 children following our separation but am hoping to rent a house later this year.

kallis3

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Post by kallis3 » Thu Aug 05, 2021 8:18 am
Are you a secondary card holder? As far as I am aware your credit rating won't be affected but also, you will no longer have access to the cards. You could ask him to remove you from the cards.
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Foggy

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Post by Foggy » Thu Aug 05, 2021 9:14 am
If the card accounts are in joint names and he goes into an IVA you will become responsible for the whole of the card debt. If you are just a secondary card holder and the account is in his name, the debt is his and will be dealt with by his IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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stephanie

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Post by stephanie » Thu Aug 05, 2021 9:24 am
one of the cards is his name first, one is my name first and the other is just in my name!!!!
do you think we may be better off both doing an individual IVA?

lifenoteasy

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Post by lifenoteasy » Thu Aug 05, 2021 9:50 am
An IVA will impact on your ability to rent a house.

Level of debt, what your ex will do are all factors about whether you should take out an IVA.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

Foggy

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Post by Foggy » Thu Aug 05, 2021 10:00 am
As Lifenoteasy says: It will depend on a multitude of things and a different solution might be better for you. To be honest an IVA for a modest debt is a sledgehammer to crack a nut.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

bowline

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Post by bowline » Thu Aug 05, 2021 12:15 pm
Thu Aug 05, 2021 9:24 amstephanie wrote:
one of the cards is his name first, one is my name first and the other is just in my name!!!!
do you think we may be better off both doing an individual IVA?
Credit cards are usually only in one persons name. If two are listed, the first one is probably the account holder, the second just has a card on the account. It is the account holder that owes all the money.

So it sounds as though the first card is his and the other two are yours. If he needs an IVA, then only his debts will be included. You have to get a solution for the debts in your name.

You should both get tenancies sorted before thinking about an IVA. An IVA will make it very hard to get a private tenancy unless you have a guarantor.

And unless you or he has assets to protect an IVA is probably not a good option for you - look first at debt management plans, debt relief orders and bankruptcy.
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