partners credit ratings

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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 6:00 pm
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will my partners credit rating be affected if my iva is approved?
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ginger3232

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Post by ginger3232 » Thu Jun 09, 2011 6:03 pm
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Welcome to the forum

Only if you are jointly linked (ie joint current account /mortgage etc.)
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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 6:29 pm
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what about living at same address, would applying for say a car loan be affected by credit search
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kallis3

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Post by kallis3 » Thu Jun 09, 2011 6:36 pm
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Hi and welcome from me as well.

If you are not financially linked then your partner has no problems at all, the IVA is on you and not the address.
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
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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 6:41 pm
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thanks for the advice guys appreciated, just worried how it will affect my partner who is moving in in the near future
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kallis3

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Post by kallis3 » Thu Jun 09, 2011 6:50 pm
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Your partner will be fine Jim.

Hubby and I are both in an IVA and daughter lives with us and has had no proplems getting credit.
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
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plasticdaft

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Post by plasticdaft » Thu Jun 09, 2011 9:04 pm
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Joint credit applications show a financial link so you dont even have to have taken on the credit just applied for it together.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 9:08 pm
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no links whatsoever, what do the iva peeps define as a partner paying their way for living costs
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kallis3

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Post by kallis3 » Thu Jun 09, 2011 9:13 pm
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Your partner should be paying their fair share towards living costs. Something to talk over with your IP.
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
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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 9:17 pm
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that i understand, but what exactly is defined as fair costs as partner is on minimum wage and im on average wage
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kallis3

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Post by kallis3 » Thu Jun 09, 2011 9:25 pm
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It is just to make sure that you each pay your way - if your partner is on minimum wage it stands to reason that he/she will be paying less than you do being on average wage, especially if they are having to service their own debts as well.

Whichever IP you pick will go through a thorough I&E for you.
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
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Jim.sjw

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Post by Jim.sjw » Thu Jun 09, 2011 9:26 pm
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thank you for all your help immensely appreciated.
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kallis3

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Post by kallis3 » Thu Jun 09, 2011 9:28 pm
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Let us know how you get on Jim.
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
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mole

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Post by mole » Fri Jun 10, 2011 3:06 pm
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Jim, fair share is defined as the %age split of bills based on income.

If you bring in 80% of the household income, then you should be paying 80% of bills.

Good luck.
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James Falla

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Post by James Falla » Fri Jun 10, 2011 4:41 pm
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Hi Jim

Mole is quite right. The amount your partner should be paying towards the household bills is proportionate to the amount of income they bring in. e.g. if they bring in 30% of the income, they should contribute towards 30% of the bills.

In terms of their credit rating, this will not be directly affected by your IVA and poor credit. However, sometimes the credit reference agencies make mistakes and mix up the records of people who live at the same address. Once you are in an IVA I would advise your partner to get a copy of thier credit file. If there are any mistakes they can resolve these by applying to the credit agency to disassociate themselves from your debts.
James Falla
IVA & Personal Debt Solutions Expert
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