IVA and protection from default by my ex.

Mary19

Hi, am total newbie and hoping you can help. My ex partner and i have a mortgage shortfall on a joint loan. I have made preps to pay off my half of this shortfall over a period of time (total debt is 60k), but have concerns over my ex partners capabability to make all his payments, I am very worried that the building society will come after me for the rest of the shortfall if he defaults, and that this could happen at any time in the future without me expecting it.

I have been doing some research on line and would like to understand more about IVAs, specifically, is there any value in taking out an IVA and would it protect me from future claims from the building society if my ex partner defaulted?

Any advice would be greatly recieved

Mary

Charco_2

How much total debt do you have and can you currently deal with it?

Unfortunately, you are responsible for the full £60k (and your ex is also responsible for the full £60k).
If you walked into your building society at lunchtime today and paid off £30k, you'd still be liable for the remaining £30k (and so would your ex).

If you are not struggling with debt, an IVA is unlikely to be the best solution for you.