Iva advice

Hayleebec

I have just settled an Iva one of the debts was Halifax overdraft, this was a joint account with my husband who was not in the Iva
He has been paying Moorcroft £20 per month we are both being asked to pay the same overall balance
Now that I have settled the Iva surely the debt should be now be finished, if both of us are paying they would get approx double the original debt
Any advice appreciated

National_Debtline

Hi

Joint and several liability on a debt means that either one of you could be pursued for the full amount of the debt. The creditor can only ever get the amount owed on the contract, not double, but either person could be asked to pay.

Your IVA will mean that you are no longer liable for the joint overdraft account, but your husband can still be asked to pay. This will be until the creditor has received the full balance owed after taking into account the money they received through your IVA, and the payments from your husband.

Moorcroft shouldn’t be asking you to make payments now.

James
@natdebtline

Hayleebec

So does this mean that once all monies from my Iva have been passed to the creditor ie halifax any outstanding balance left on this debt my husband will continue to pay but not over the original amount ?
Thankyou

National_Debtline

Hayleebec wrote: »

So does this mean that once all monies from my Iva have been passed to the creditor ie halifax any outstanding balance left on this debt my husband will continue to pay but not over the original amount ?
Thankyou

Yes, that's how it should work.

James
@natdebtline