Concerned that my partners possible IVA will impact my property and credit rank

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nik696
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by nik696 » Tue Apr 25, 2017 9:05 am
My partner is considering an IVA. I am concerned that it will reflect on my property and future credit of mine and my children.
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kallis3
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by kallis3 » Tue Apr 25, 2017 9:20 am
Hi,

If you have joint debts your credit will be impacted.
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Michael Peoples
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by Michael Peoples » Tue Apr 25, 2017 9:37 am
Joint assets would need to be valued but anything in your sole name is safe.
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Foggy
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by Foggy » Tue Apr 25, 2017 1:38 pm
If you have joint finances your credit record will be stained by association. The house, if it is in your sole name, will not be affected, If it is jointly owned then it will need to be valued for the purposes of possible equity release of your partners share in due course ---- as things stand at the moment ( though these things change over time) this usually means an extra 12 months payments in lieu of equity release --- BUT that is one clause you do need to examine and understand fully before you commit.
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