Hi. My husband is looking into applying for an IVA for the debts we have in his name.I would like to know,if he goes ahead with this would we have to include any debts we have in my name also? Also i would like to kno if he has to change his bank account. Thank you.
If you have any joint debts, then you can and will be chased and be liable for the whole amount if your husband goes into an IVA. If the debts are your own, these do not need to be included.
If the bank account is with any of his creditors (or associated with), then a new account will be required, as you will find that the creditor will take any money in there to off-set against the debt. Also, some banks are not IVA friendly and will close an account, even if they are not a creditor.
Pop over to www.iva.com and call a couple of firms from there. They will give free advice and will be able to clarify any points you have.
If you have any joint debts, then you can and will be chased and be liable for the whole amount if your husband goes into an IVA. If the debts are your own, these do not need to be included.
If the bank account is with any of his creditors (or associated with), then a new account will be required, as you will find that the creditor will take any money in there to off-set against the debt. Also, some banks are not IVA friendly and will close an account, even if they are not a creditor.
Pop over to www.iva.com and call a couple of firms from there. They will give free advice and will be able to clarify any points you have.
The Co-op, Barclays and Natwest are all ok. Don't touch HSBC or first direct though.
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
As Skippy and Jan have mentioned. Not HSBC or First Direct. I'm with NatWest and they've been fine so far - certainly helps having no overdraft facility!!!!
Have to remember with all the mergers of a couple of years ago, that some banks are linked with others, so need to do some checking with who the creditors are (ie Lloyds/TSB/Halifax/Bank of Scotland)
Lloyds also include - scottish widow/birmingham midshires and well as a stream of others - so if you have a little savings stashed there - you perhaps would be better to move them elsewhere
Yorkshire Building society - do a range of basic and saving accounts as well (managed on line)
Hi.Thanks for your help. I will let hubby kno. I was looking into HSBC. Thank god i found this forum before we went ahead with anything. Hv found some good advice from who have replied to my questions. [:)]
Account with Yorkshire bank. We hv joint and i hv one of my own in my maiden name. Joint one has maiden name still on also.I understand about joint debts, but i hv sum of my own, which not include. do you think i could get his wage put over into my own account or could they take his loan money out that he ows from there. Not sure if i make sense.
