Will my IVA affect my partner?

No, your partner won’t have to pay towards your IVA.

That said, you will be asked to provide details of your partner’s income and expenses to make sure an IVA is suitable. 

Only a full assessment of your household income and expenditure will determine how much you can afford to pay towards your debts.

When you enter an IVA, it’s recorded on your credit file.

In the past, poor credit ratings could impact the people you live with, such as your partner. 

But this is no longer the case. 

Your partner's credit history is completely separate from yours apart from where joint debts (e.g. rent) or bank accounts are concerned.

Your IVA payment is determined by your disposable income. This can be affected by your partner’s income and expenses. 

For example, if your partner gets a pay rise and everything else remains the same, they’d usually be expected to start paying a greater share of the household bills. This would mean you’d contribute less and have more disposable income to pay towards your debts. 

On the other hand, if your partner’s hours at work were cut, you may have to start contributing more towards the household bills meaning you’d have less disposable income to pay into your IVA.

If your financial circumstances change, contact your provider. In a situation where your IVA payments are no longer realistic, they may be able to reduce the amount or arrange a payment break.