📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Can IVA cover loan taken by my friend

Dann1983
Dann1983 Posts: 1 Newbie
in IVA & DRO
Hello,

First time on the forum. 

Can someone advise please?

My friend took a loan at his bank and we pay £220 between us each month. 

Can IVA (which I'm going to apply for) cover my half of that loan?

Comments

  • RAS
    RAS Posts: 35,740 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    In whose name(s) was the loan taken? 

    If it is in your name, it is covered by a debt remedy.

    If it is in joint names, you are generally jointly and severally liable, which means that if you default, your friend remains wholly liable for the entire remaining debt

    If you've have not made a mistake, you've made nothing
  • fatbelly
    fatbelly Posts: 23,040 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 23 May 2022 at 9:01PM
    Why are you applying for an IVA? How much debt do you have? Are you a homeowner?
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.4K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture