Does your Partner need an IVA?
Usually when a couple takes out a IVA they acknowledge their are both at fault. But there is nothing more frustrating than living with someone who is constantly running up debt, whilst you are trying ardently to save.
If your partner constantly puts credit card bills in the drawer each month and is more then generous with the green stuff, you may be living with someone who is spendthrift. But what can you do if your partner has run up debts worthy of an IVA while you carefully count your pennies?
The dictionary defines ‘spendthrift’ as ‘One who spends money recklessly or wastefully’. You can probably identify these traits in your partner if money is eagerly spent on things that you feel are unnecessary or a waste of money.
This can be very frustrating for the onlooker and even more exasperating if you share a joint mortgage, as it is down to the sensible partner to keep the financial wheels well oiled when it comes to repayments. However, this can prove even more difficult when one partner isn’t always able to pay their half. This could result in the sensible payer becoming homeless.
If either your partner or you both have a combined debt over £15,000 then an IVA may be a senisible option for you both.
Watching on in silence is not the way to solve a problem. The lines of communication must be opened so as the issue can be raised and confronted rather than brushed to one side.
Put your partner in touch with a professional debt advice company who can explain the seriousness and consequences of bad spending habits, and let them know if it's time for a debt solution.
IVA and Bankruptcy News posted on 20/08/2007 10:32:21
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