IVA'S- how it does it affect your partner

Imafretosociety

I have been in an IVA for nearly a year in which our joint overdraft of £2500 was included.No problems until last Friday when my wife received a letter from previous bank demanding she pay up within fifteen days or she would be blacklisted.
Can they do this?.Surely if this bank agreed to their part of the IVA then how can they pursue her for the whole amount.It''s making her very worried.
Anyone have any ideas?

Charco_2

This is the second time in a week someone has posted this very problem - are you with B&E by any chance?

The nature of JOINT Accounts is such that if one person cannot or won't pay the debt, then the other person would be liable.

By entering the Debt into your IVA, it merely took away your duty to repay the debt in full as you were insolvent. Your wife remains liable for the remainder of the debt.

Over the course of your IVA you are going to repay a percentage of this overdraft debt... say 40p in the £... your wife will have to pay the other 60p in every £.