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IVA advice needed urgently please.
ajbrynoffa
Posts: 418 Forumite
in IVA & DRO
My wife and i have been together for 4 years.She was previously with a guy for 2 years during which time they bought a house.The total amount borrowed was £100000 mortgage and £18000 on an unsecured loan for house improvementsWhen they split up,he moved out and he signed a trust deed at the solicitors to say he would have no claim on the house so long as my wife paid the mortgage and unsecured loan,as she couldnt transfer the mortgage into her name due to insufficient income.
We have now jointly paid the mortgage for 3 years and her ex hasnt paid anything towards it.However he recently went into an IVA and agreed to pay his creditors 5p in the pound over 6 years.
There is still £17000 outstanding on the unsecured loan though it is paid regularly every month but it has been listed on his iva.My wife phoned debtfree direct who have set his iva up and they basically said she is now liable for the whole amount?Is that right ?
If thats the case then surely the account should be transferred soleley to my wifes name?
We`re very confused here and cant seem to get satisfactory answers from debtline direct or NRAM who the mortgage is with.
We have now jointly paid the mortgage for 3 years and her ex hasnt paid anything towards it.However he recently went into an IVA and agreed to pay his creditors 5p in the pound over 6 years.
There is still £17000 outstanding on the unsecured loan though it is paid regularly every month but it has been listed on his iva.My wife phoned debtfree direct who have set his iva up and they basically said she is now liable for the whole amount?Is that right ?
If thats the case then surely the account should be transferred soleley to my wifes name?
We`re very confused here and cant seem to get satisfactory answers from debtline direct or NRAM who the mortgage is with.
A shadowy flight into the dangerous world of a man who does not exist.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
0
Comments
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Hi. Basically, in a joint loan, irrespective of any Trust Deed, if one party defaults the other becomes responsible. In your situation, as your partner has agreed to take sole responsibility for the payments in any case it should have little impact. In fact the loan should decrease slightly over time, by virtue of his payments towards it through the IVA.0
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