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Joint and several loans in an IVA
We have a joint and several bank loan which I took out in support of my business. My wife, although not involved in the business is the co-signatory. My business collapsed and I entered an IVA. This IVA has now been settled with all creditors. The bank will now pursue my wife. What proportion of this loan can they pursue her for??. However we believe the terms of the loan do not conform to the Consumer Credit Act and wish to defend our postion with the bank. Does anyone in the forum have sound advice on a good course of action.
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Comments
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They will persue for 100% of it. She signed as a joint signatory, not a 50% one...0
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I agree with previous poster.
Sorry if it is not the news you wanted to hear.0 -
She will be fully liable too for the whole loan i believe.0
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