Loan/IVA Troubles!!

jdbeanie

Hi

I'm after views and advice from you guys and gals as I'm not sure where to start and what to do about the following!

First some back ground. I had a business a few years back with an ex partner. The business is no longer in operation. A joint loan was taken out for the business which was signed by me and the ex. The loan was serviced from a business account which was in joint names until a year ago at which point I made the monthly payments from my own personnel account until the present day.

Now the problem! A month ago I sent the Ex a request for monies to cover half of the payments I had personally made and for contributions to future payments, I've had no response to this request. Two weeks ago I received a notice from the bank that the loan was with that a default was going to be issued against me and the loan agreement would be terminated as there was an IVA in place?? I had no idea why they were telling me this as I don't have an IVA and payments have ever been missed. After digging around I've discovered my Ex has had an IVA in place since last November and did NOT declare the debt from the business loan when entering in to the IVA agreement. The outstanding loan amount is aprox £5250 which I personally could not pay off and feel like I shouldn't have to pay it all off on my own. So what do I do as I don't want a default against my name. I've made an offer to the bank for half of the outstanding loan amount but have had no response yet. The bank has extended the deadline by 14 days for settlement of the loan. In a strange twist the bank have also said they are going to include the loan in my Ex's IVA. So how does this affect me and my credit status? And can the bank do all the things they've told me?

All views and advice would be great.