Please help need advice about IVA's

Sweetie_pie

I don't really know much about IVA's at all so could really do with some advice about them.

My SIL spilt up from her partner last year and she left the house that they jointly own and moved in else where (they have a baby together that lives with SIL). As well as a mortgage they also have a loan and a credit card in joint names, he also has £20,000 + debt in his own name (HP, Credit cards). SIL has found out that has applied for an IVA and I am wondering how this is going to affect her? Apparently he is only putting the debt that is in his name solely into the IVA, but the only bank account SIL has is in joint names (Yes she didn't open one just in her own name:mad:)

How will all this affect her and as he is currently not paying child maintainance, will having an IVA affect any payments he has to make to SIL in the future (I'm hoping she will sort something out to get payment from him in the future).

Basically, any advice on this matter would be fantastic as we are very worried that this could majorly affect SILs financial future:(

RAS

She needs if humanly possible to get that joint bank account closed immediately. If they have any joint debts in the same bank or ex has any sole debts in the same bank, there is a risk they will keep taking the payments for these debts from the joint account and she will be stuffed.

She needs to do this even if she has to find somewhere else to pay in any benefits, as the bank may well take those to fund his debts.

Does SIL understand that she has always been wholly liable for the full value of all the debts in joint names, as is ex?

HAs she taken any legal advice or seen any of the debt charities for advice?

Sweetie_pie

Thanks RAS

Yes she does understand that she is jointly liable for the debts in both there names.

The joint account they have was originally her sole account and she got him added. She tried to get him to sign to take himself off last year but he refused and she just left it and didn't bother opening a new account. Even if she gets her wages/benefits paid into a different account does she still need to get this account closed? The problem she has with opening a new account is that she has no address to set it up from, she is currently staying with some friends so cannot use that address.

It really is such a mess :-(

RAS

She needs to get this joint account closed urgently, and I mean urgently, if either her ex has any accounts with any bank associated with the one running the joint account (in the same group like Santander) or if any of the joint debts are held with an associated bank.

She may have to arrange for her wages and benfits to be paid into another account for a while. Could family help her here?

Sweetie_pie

Trouble is she can't get is closed as he refuses to sign to get himself taken off or to get it closed.

I'm not sure if there is anyone who could have her money paid into there account really:undecided

RAS

Sweetie_pie wrote: »

Trouble is she can't get is closed as he refuses to sign to get himself taken off or to get it closed.

Well in that case, she clears out her money, cancel all DDS and tell the bank, in writing, that all future payments out of the account require both signatures. That may prevent him running up and OD on the account.

It will NOT prevent the bank or any other in the group offsetting any debt he is not paying by taking the money out of the joint account.

andy.m_2

Sweetie_pie wrote: »

Yes she does understand that she is jointly liable for the debts in both there names.

My understanding is that her liability extends beyond this and that she could be WHOLLY LIABLE herself, not shared as you state. If the Ex does a bunk or somesuch then they are most likely to come after her alone to settle up.

Sweetie_pie wrote: »

it really is such a mess :-)

Unfortunately it nearly always is, nowadays due to the increased costs of housing and living, more and more couples are financially and inextricably linked.
We have hit times whereby people cannot afford to split up!