It could damage their credit worthiness, but not too much. Any credit search will show a financial association to you and some lenders could go on to discover your insolvency -- how they view this would depend on their own lending criteria.
There are, also, a few firms who base an IVA payment on household income, rather than individual income, which effectively means the solvent partner is paying towards the debt.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your partner could also be affected if you need to move, it is very hard, sometimes impossible, to get a new mortgage when you are in an IVA.
In the last year of the IVA you may have to remortgage or release equity by getting a secured loan, you need to talk to an IVA firm and see if this can be avoided by you agreeing to a 6 year long IVA at the start.
It will be impossible to get a mortgage whilst in an IVA. Afterwards it is best to speak to a specialist advisor, we have two who post on here that have helped some posters on here.
Check your paperwork - if it says so then you will have to try and remortgage if you have enough equity. You cannot choose whether or not to extend, that is down to your company.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If your IP uses the latest Protocol version ( 2021) equity release should be investigated and detailed at the outset. Follow this link, and then the links in the thread to find out in more detail : 2021-iva-protocol-in-force-t91966
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
