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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: 33,571 Forumite
    First Anniversary Name Dropper 10 Posts
    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

    The person who has not made a mistake, has made nothing
  • fatbelly
    fatbelly Posts: 21,359 Forumite
    Car Insurance Carver! Cashback Cashier First Anniversary First Post
    edited 23 May 2022 at 9:01PM
    Why are you applying for an IVA? How much debt do you have? Are you a homeowner?
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