Do I have to tell my partner if I do an IVA?
Unlike bankruptcy, you retain full control of your property with an IVA
We receive a lot of calls and emails from the public asking; "Do I have to tell my partner if I do an IVA?".
Money Advice Direct always recommends that the spouse be informed about the IVA. We often request to speak to the spouse to put their mind at ease about the IVA route chosen.
Remember an IVA is a positive step to remedy the debt problem so if you tell your partner they will be pleased you have come up with a legal and sensible solution.
Telling your partner you are in debt is hard enough so it may be easier to tell your partner your are in debt but have set up an IVA to cure the problem. They will be happy you have done something constructive about the problem rather than just left it to get worse.
When it comes to telling you partner or spouse about the IVA you should always remember the old proverb, "a problem shared is a problem halved".
Your partner, spouse, wife or husband legally does not need to be informed of the IVA. If you have a joint bank account it will be better to inform them as soon as possible as they may get upset if they suddenly check their bank statement and see a mysterious payment.
An IVA is a strict budget that has to be adhered to for up to 5 years so it may be a good idea to let your partner know about the IVA so that you can budget together. If you keep your IVA secret from your partner or spouse it can cause family problems.
We always advise being honest with your partner and telling them about the IVA. You DO NOT have to tell them though. In fact if you decide not to tell your partner it is OK. You only have to tell your partner if you have shared debts and/or you need your partner’s income to be taken into account to support the IVA payment plan.
When it comes to telling your partner about your IVA people generally get nervous. Every case is different and it is down to individual circumstances but Money Advice Direct generally agree with the truth is best concept.
If you would to know if you have to tell yout partner if you do an IVA or just discuss an IVA in general please complete the following form or telephone freephone 0800 074 6918.
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