Will my new partners income be effected by my IVA ?

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nina444
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by nina444 » Sun Oct 22, 2017 12:54 am
Hi,
Im on IVA for the past 2,5 years. I got my divorce 1,5 year ago at the moment I have got new partner and we want to try for a baby in the next few months - I'd like to find out if my new partner will be involved in my IVA at all? I'm afraid that my creditors will start to be interested in my partner income and will put hands on it ... i dont want this to happend as this is my past I want deal with it on my own and it's not fair on him.

We are just about to leave together and the bills would be split half & half

Please advise if there is anything for me to worry about or do I really have to put my life on hold for the next 2,5 years?

Regards,
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kallis3
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by kallis3 » Sun Oct 22, 2017 7:50 am
Your creditors will have no say in the matter but you will need to inform your IP. If you have no joint finances your partner won't be affected.
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Foggy
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by Foggy » Sun Oct 22, 2017 9:26 am
They don't need to know the exact details --- treat finances as though you are two people house sharing with equal shares of the bills. Don't have any accounts (including water, electricity and council tax) in joint names.
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nina444
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by nina444 » Sun Oct 22, 2017 10:26 am
How about if my parents wanted to give some money to pay this all off - once in for all - when I asked them about how much is remaing they refused to say it - however they said I could give them an reasonable offer .... don't know even how much this could be.... what will happend if let's say they say -" yes ok we will accept 10 grand ! " does that mean I'm debt free and how about my credit score - would i still need to wait 6 years for it to be clean?

Thanks in advance!
Nina
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MerlinL14
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by MerlinL14 » Sun Oct 22, 2017 10:52 am
nina444 wrote:
How about if my parents wanted to give some money to pay this all off - once in for all - when I asked them about how much is remaing they refused to say it - however they said I could give them an reasonable offer .... don't know even how much this could be.... what will happend if let's say they say -" yes ok we will accept 10 grand ! " does that mean I'm debt free and how about my credit score - would i still need to wait 6 years for it to be clean?

Thanks in advance!
Nina

number of months left x monthly payment is a starting figure, You may wish to be a bit cheeky and off a little less and see how that pans out.
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Foggy
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by Foggy » Sun Oct 22, 2017 11:04 am
If you make an offer --- Full and Final offer, not settlement or "paying it off" -- it is, as Merlin says, your monthly payment multiplied by the number of months left. You can reduce it a little (the creditors and IP will be making savings in administration costs over the time saved).

The IVA will still be on your credit files for the full 6 years, but, your money and your future would be your own. And, yes, you would be debt free.

 

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nina444
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by nina444 » Mon Oct 23, 2017 12:47 pm
I have got one more question,

When I started the IVA it was together with my ex husband , since we split up 1,5 years ago we still paying "as one" money comes out from my account and he is every month transferring half of money to my account. Now, how does it work if i want to do it separately for instant I got my half of the loan to worry about and so does he? Can I actually do that?

Also I'm thinking to pay my half completely off - do you think they will get him to pay higher repayments as they still want to get their money back :-/

Please explain.
Thank you
Nina
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Foggy
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by Foggy » Mon Oct 23, 2017 1:16 pm
I take it you have interlocking IVA's. You will need to have a chat with your IP to get them seperated, then each of you will be responsible for your own payments and the conduct of each IVA as individuals.
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