IVA & Debt recovery

mad_angler1

Hi guyy I'm after some advice re an IVI, in late 2010 my business went tits and i ended up having to take out an IVA to settle the debt which totalled around £70k, of this about £3k was an personal overdraft on a joint account with my wife, it was a full and final settlement IVA as we have the ability to borrow some money from family and it was agreed, this is currently in the final stages of being wrapped up ad hopefully the IVA will be completed any tome now.

i was informed when the IVA was agreed that on the joint debt both me and my wife would be fully liable for the full amount and as i understood it they would get there percentage from the IVA agreement from me and that my wife would be liable from the balance left which we intend to deal with one the IVA is completed and family paid back,

recently we have been getting debt collection letters to my wife from Westcot and now CSL as they have taken over the john debt that was with HSBC, they are threatening door step collections for the full amount of the original joint debt.


This cant be rite ? i don't know if HSBC has sold the full debt on or they just trying to recover on there behalf.

Any advice on what to do ?

UpToMyNeckInIt

As I understand it, even if you are in an IVA, the creditors of any joint debt will pursue your wife for the whole lot as this is outside the IVA.

Don't know your exact circumstances, so best speak to your IP for clarification.

In my case, I made sure all debt was in my name only. Alternatively, have you looked at an 'interlocking' IVA? (ie: including all of your Wife's debts as well).

Good luck.

Anondebtadvisor

Thats right where joint debts are concerned both parties and jointly and serverally liable for the whole balance