IVA - Joint Loan query

f88malcolm

I have an IVA, ending in Sept, which covers a Joint loan. My partner has recently been contacted by Moorcroft Debt Recovery wanting repayment of the full amount of the same loan. Where does this stand legally - can they enforce this even though my repayments of the IVA have been satisfactory and the original lender agreed to the ratio of payback.....

mwarby

Your loan agreement most probably said that you were 'joint and severally liable'. This means that you are both liable for the full amount of the debt, they can chase either or both.

In your case yes, the lender can't collect the loan amount(the loan, interest and charges) twice once through the IVA and through partner. But they can continue to chase your partner for the remainder and can very likely still charge your partner interest and charges

Does moorcroft know about IVA ? sometimes when debt sold that information isn't picked up.

Probably worth talking to IVA company o see if they can help clarify what balance your partner is liable for

mwarby

f88malcolm wrote: »

even though my repayments of the IVA have been satisfactory and the original lender agreed to the ratio of payback.....

They and your other creditors agreed to the IVA with an expected payback(which can go either way, more, extactly right or less than estimated). This would clear your debts and remove your liability for joint ones, but it won't clear joint ones

f88malcolm

MWarby - Thanks for such prompt replies - that clarifies the situation nicely. Moorcroft are aware there is an IVA in my name but not the detail. At the moment none of the detail Moorcroft is quoting (i.e. amount of debt) ties up with the amounts listed on the IVA, but we only have a single joint loan so I think that as a first step will ask them to provide the CCA documentation to confirm we/they are talking about the same debt. Needless to say Moorcroft has been trying to pressure my partner into committing to a high monthly repayment now even though they will not know what the difference between loan amount and IVA paid off amount will be until Sept.