www.iva.co.uk

My wife is considering an IVA. Will my wife's IVA effect my credit rating? We have a joint bank account an joint mortgage. Also we have an overdraft facility which we are not using. Once in an IVA can we use this or should we close the account an open individual accounts? Regards Jerry

Hi Jerry and welcome
It would be prudent to take your wife off the joint account before entering the IVA. This will mean that you could use the overdraft if you wish and your credit record should be unaffected.
regards

Your credit record may well be affected I would have thought,given that you have shared accounts just now,it would be hard to apply for a notice of disassociation between husband and wife where there is a history of shared accounts.

Paul

If the joint account is with a bank to whom your wife owes money you should have her nam3e removed or open new accounts. The IVA should not adversely affect you but in reality there can be problems sourcing new forms of credit.

If your wife does enter an IVA you should consider independant advice to protect your interest since there will almost certainly be an obligation to remortgage your jointly owned property down the line. This will obviously impact on you so you should be fully aware of any implications arising from your wife's IVA.

Is there a reason why the debts are in your wife's name Jarry? Did she have them before you met, or have they been used to fund family expenditure?