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Do I have to Tell my Partner about my IVA or Bankruptcy ?

Having financial difficulties can be a very stressful and worrying time and even more so if you are alone or are too scared and embarrassed to tell your partner.

Do I have to tell my partner?
Although there is no rule to say that you have to tell your partner about your problems, it is always best to be honest and get it out in the open. However, if you have shared debts or rely on your partner's income then you will have no choice but to tell them.

In cases where you enter into an IVA you will be forced to maintain a strict budget for several years, so you may find that you have to tell your partner in order to stick to this. Keeping any secret from your partner, but especially one that involves money, can cause family problems later on.

What If I am alone and in debt?
It is not uncommon for many people to live alone these days. This could be through choice or it could be as a result of a relationship breakdown, divorce or a death. If this is the case then you may find yourself with no one to talk to or help out. When you are facing debt problems it can often be a lonely place so it is important that you keep in contact with family and friends and talk to them if necessary.

Sadly many people over the age of 75 live alone and there can often be a lack of debt support for this group of people. Many elderly people are also forced to survive on a state pension and often have some form of debt either from credit cards, an overdraft or loan.

It can often be a relief for those in debt to find help and start to tackle their financial problems. It is always worthwhile speaking to a professional for help. When you find yourself in debt problems you need to look at how you got there and find help to prevent this from reoccurring.