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How does an IVA affect my partner?
Posted: Mon Sep 27, 2021 4:20 pm
by james364
If I take out an IVA, how would it affect my partner as we have a joint mortgage on our home? My partner is not in debt
Re: <t>How does an IVA affect my partner?</t>
Posted: Mon Sep 27, 2021 5:03 pm
by Foggy
It could damage their credit worthiness, but not too much. Any credit search will show a financial association to you and some lenders could go on to discover your insolvency -- how they view this would depend on their own lending criteria.
There are, also, a few firms who base an IVA payment on household income, rather than individual income, which effectively means the solvent partner is paying towards the debt.
Re: <t>How does an IVA affect my partner?</t>
Posted: Fri Oct 01, 2021 4:15 pm
by bowline
Your partner could also be affected if you need to move, it is very hard, sometimes impossible, to get a new mortgage when you are in an IVA.
In the last year of the IVA you may have to remortgage or release equity by getting a secured loan, you need to talk to an IVA firm and see if this can be avoided by you agreeing to a 6 year long IVA at the start.
Re: <t>How does an IVA affect my partner?</t>
Posted: Fri Oct 01, 2021 4:32 pm
by kallis3
It will be impossible to get a mortgage whilst in an IVA. Afterwards it is best to speak to a specialist advisor, we have two who post on here that have helped some posters on here.
Check your paperwork - if it says so then you will have to try and remortgage if you have enough equity. You cannot choose whether or not to extend, that is down to your company.
Re: <t>How does an IVA affect my partner?</t>
Posted: Fri Oct 01, 2021 4:47 pm
by Foggy
If your IP uses the latest Protocol version ( 2021) equity release should be investigated and detailed at the outset. Follow this link, and then the links in the thread to find out in more detail :
2021-iva-protocol-in-force-t91966