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Posted: Thu Jun 09, 2011 6:00 pm
by Jim.sjw
will my partners credit rating be affected if my iva is approved?
Posted: Thu Jun 09, 2011 6:03 pm
by ginger3232
Welcome to the forum
Only if you are jointly linked (ie joint current account /mortgage etc.)
Posted: Thu Jun 09, 2011 6:29 pm
by Jim.sjw
what about living at same address, would applying for say a car loan be affected by credit search
Posted: Thu Jun 09, 2011 6:36 pm
by kallis3
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.
Posted: Thu Jun 09, 2011 6:41 pm
by Jim.sjw
thanks for the advice guys appreciated, just worried how it will affect my partner who is moving in in the near future
Posted: Thu Jun 09, 2011 6:50 pm
by kallis3
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.
Posted: Thu Jun 09, 2011 9:04 pm
by plasticdaft
Joint credit applications show a financial link so you dont even have to have taken on the credit just applied for it together.
Paul
Posted: Thu Jun 09, 2011 9:08 pm
by Jim.sjw
no links whatsoever, what do the iva peeps define as a partner paying their way for living costs
Posted: Thu Jun 09, 2011 9:13 pm
by kallis3
Your partner should be paying their fair share towards living costs. Something to talk over with your IP.
Posted: Thu Jun 09, 2011 9:17 pm
by Jim.sjw
that i understand, but what exactly is defined as fair costs as partner is on minimum wage and im on average wage
Posted: Thu Jun 09, 2011 9:25 pm
by kallis3
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.
Posted: Thu Jun 09, 2011 9:26 pm
by Jim.sjw
thank you for all your help immensely appreciated.
Posted: Thu Jun 09, 2011 9:28 pm
by kallis3
Let us know how you get on Jim.
Posted: Fri Jun 10, 2011 3:06 pm
by mole
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.
Posted: Fri Jun 10, 2011 4:41 pm
by James Falla
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.