Joint overdraft query, IVA and DMP

purpleparrotuk

Hi Guys

Hubbys IVA was approved last week and I am waiting for the DM company to call me regarding setting up a DMP for me.

Now I know that we are jointly responsible for the joint account overdraft but I am a tad confused. This was included in his IVA and the overdraft bank agreed to the IVA in the creditors meeting. He will be paying back 39p in the £ So a portion of the IVA payment to the DM company will pay off part of the overdraft every month.

Will I still need to pay some towards it as part of my DMP? Will they come after me for the remaing 61p in the £? I am worried because I am only left with £50 towards my 4 unsecured creditors. They allowed me £300 but £250 is for my car payment which finishes next year. Without the overdraft my debts are about £4200. With the overdraft it will be £7700. If I am only allowed £50 per month it will take nearly 13 years to pay the debts off, even if they stop all interest and charges :eek:

Does this seem about right?

3431Anna

purpleparrotuk wrote: »

Hi Guys

Hubbys IVA was approved last week and I am waiting for the DM company to call me regarding setting up a DMP for me.

Now I know that we are jointly responsible for the joint account overdraft but I am a tad confused. This was included in his IVA and the overdraft bank agreed to the IVA in the creditors meeting. He will be paying back 39p in the £ So a portion of the IVA payment to the DM company will pay off part of the overdraft every month.

Will I still need to pay some towards it as part of my DMP? Will they come after me for the remaing 61p in the £? I am worried because I am only left with £50 towards my 4 unsecured creditors. They allowed me £300 but £250 is for my car payment which finishes next year. Without the overdraft my debts are about £4200. With the overdraft it will be £7700. If I am only allowed £50 per month it will take nearly 13 years to pay the debts off, even if they stop all interest and charges :eek:

Does this seem about right?

When my husband had a dmp our joint account overdraft was incuded in it but when he got iva part of the overdraft had to added to m,y dmp, which i also thought was strange but apparently this is what has to haoppen

To_be_Free

purpleparrotuk wrote: »

Hi Guys

Hubbys IVA was approved last week and I am waiting for the DM company to call me regarding setting up a DMP for me.

Now I know that we are jointly responsible for the joint account overdraft but I am a tad confused. This was included in his IVA and the overdraft bank agreed to the IVA in the creditors meeting. He will be paying back 39p in the £ So a portion of the IVA payment to the DM company will pay off part of the overdraft every month.

Will I still need to pay some towards it as part of my DMP? Will they come after me for the remaing 61p in the £? I am worried because I am only left with £50 towards my 4 unsecured creditors. They allowed me £300 but £250 is for my car payment which finishes next year. Without the overdraft my debts are about £4200. With the overdraft it will be £7700. If I am only allowed £50 per month it will take nearly 13 years to pay the debts off, even if they stop all interest and charges :eek:

Does this seem about right?

I am no expert but I am sure that the bank will come after you for the rest of the overdraft as you are jointly responsible so they will want the 61% they will loss from you.

3431Anna

To_be_Free wrote: »

I am no expert but I am sure that the bank will come after you for the rest of the overdraft as you are jointly responsible so they will want the 61% they will loss from you.

thats what my husbands IP said that the bank would start to chase me for the rest of the overdraft:eek: