IVA Questions & Answers
Q : Will an IVA affect the people I live with?
A :
First off, it's really important to know that since a recent change in financial regulations, your personal financial circumstances do not affect the people with whom you are living. So a couple living together would be treated separately when applying for credit and each would have their credit history appraised independently.
So, is the case of the IVA or Individual Voluntary Arrangement. The IVA does not include anything in your partners, parents or children's name, nor would it affect any tenants - although you would have to declare any money that they pay you within your IVA proposal. Things can get complicated when a joint loan is considered, but since the loan is in both names, the company would chase both named parties independently for the money. Discuss any complications with the IVA and jointly named loans with a qualified and licensed Insolvency Practitioner, as these can be complex issues.
Many people do not want their families and friends to know that they have an IVA. There is no need for them to know. However, it is advisable that your partner should know if you will be making repayments to the IVA and paying Insolvency Practitioner's fees over a number of years. An IVA is not something of which to be ashamed. It is a sign that you are willing to take control of your finances.
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