www.iva.co.uk

Me & my husband are no together he is dicussing entering into an IVA once he has found a house to rent.
As our credit card debts are joint where would this leave me?
I am currently living with my mum with 2 children following our separation but am hoping to rent a house later this year.

Are you a secondary card holder? As far as I am aware your credit rating won't be affected but also, you will no longer have access to the cards. You could ask him to remove you from the cards.

If the card accounts are in joint names and he goes into an IVA you will become responsible for the whole of the card debt. If you are just a secondary card holder and the account is in his name, the debt is his and will be dealt with by his IVA.

one of the cards is his name first, one is my name first and the other is just in my name!!!!
do you think we may be better off both doing an individual IVA?

An IVA will impact on your ability to rent a house.

Level of debt, what your ex will do are all factors about whether you should take out an IVA.

As Lifenoteasy says: It will depend on a multitude of things and a different solution might be better for you. To be honest an IVA for a modest debt is a sledgehammer to crack a nut.

Thu Aug 05, 2021 9:24 amstephanie wrote:

one of the cards is his name first, one is my name first and the other is just in my name!!!!
do you think we may be better off both doing an individual IVA?

Credit cards are usually only in one persons name. If two are listed, the first one is probably the account holder, the second just has a card on the account. It is the account holder that owes all the money.

So it sounds as though the first card is his and the other two are yours. If he needs an IVA, then only his debts will be included. You have to get a solution for the debts in your name.

You should both get tenancies sorted before thinking about an IVA. An IVA will make it very hard to get a private tenancy unless you have a guarantor.

And unless you or he has assets to protect an IVA is probably not a good option for you - look first at debt management plans, debt relief orders and bankruptcy.