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IVA advice required

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  • gjp2020
    gjp2020 Posts: 4 Newbie
    First Post
    The advice here is for the joint account holder not for OP I think.

    OP: When the substantial payment was made did the joint account holder receive acknowledgement that the payment was in Full and Final Settlement for the debt?

    The wording has to be very precise, if only OP's was on this, then the joint account holder is still liable. NRAM should have a record of the payment and what happened, DPA and GDPR state all records should be kept for, at least, 6 years in finance.

    Thank you for you reply.
    I don’t understand why the joint account holder is liable for my amount that I thought had reached the NRAM account.
    Heliodor know this exact amount as they have been in contact with StepChange, and I have a written and email breakdown of what remaining funds were paid to each account I held including NRAM from StepChange after fees etc.
    But even though Heliodor have all this information, as this money never reached the NRAM they have written to the joint account holder, asking her for me to provide exact details of the transaction and contact my IP, as Heliodor need this information back by the 10th June so they can make their final decision regrading the complaint.
    The only place I can get this information from is StepChange as I didn’t deal with anyone else
    If she is still liable this will mean that the thousands of pounds that StepChange paid on my behalf to NRAM via WPM have just disappeared. 
    NRAM have never given the joint account holder or myself any written confirmation that this debt was cleared, but until now have also never asked for any payment (Heliodor).

    With the other joint accounts we held with other companies, the cash figures match with what was paid from my IVA (around 30%) leaving the joint account to pay the rest (around 70%), with NRAM the balance is still my around 30%  and interest added over the last five years.

    Thanks





  • sourcrates
    sourcrates Posts: 31,551 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    With a joint loan, both parties are each "jointly and severaly liable" for the full amount owed.
    Info here -

    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • "With the other joint accounts we held with other companies, the cash figures match with what was paid from my IVA (around 30%) leaving the joint account to pay the rest (around 70%), with NRAM the balance is still my around 30%  and interest added over the last five years."
    Unfortunately, as Sourcrates said, the joint account holder would become liable for the full balance of the debt once your liability was removed.
    If the substantial payment wasn't clearing the whole debt in full (inclusive of your payment through the IVA) then they can chase the joint account holder for the outstanding balance, unless it was agreed, in writing, that the substantial payment was a final settlement. As they have had the debt assigned to them they should have all the account statements, if the payment is missing, then it is getting the information about the payment to them. What account it went from, what account it went to, amount, date and time and this is all information made available through a DSAR to Stepchange.
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