ex entered IVA, Loan in my name also - HELP

Crazychik

Hi

Im asking on behalf of a friend, who's ex has entered an IVA.
One of the debt included is a loan in for around £30k in both her's & his name!

How does this work exactly? Does this mean that only half of the loan will be paid and does she still has to pay for the other half?
Or does it get wiped out completely.

Advise would be appreciated.

Thank you

newlywed

Hi - my OH is in the same situation. Unfortunately it isn't as simple as half and half

The IVA will pay a % of the joint loan (depending on what is negotiated with the IVA and creditors). The one not on an IVA will be liable for the entirety of the remainder. A joint loan means you are both liable for the full amount so if one doesn't pay at all, the other can be chased for the full amount.

For OH as soon as his ex entered an IVA - he was chased continually for the full amount owing and so has had to negotiate payments. His ex has been on the IVA for over a year and still nothing has yet been paid out to this loan, and we have no idea how much will be paid - assuming that the IVA doesn't fail and she isn't made bankrupt

Crazychik

Thankyou, will pass the info on to her!
Ive advised her to get some legal advise, and if poss, get as much info from the ex regarding the loan/iva!
Would the iva disclose any info concerning this?
And is she best off continue to pay her part of the loan, or wait untill the company makes contact with her?

newlywed

Crazychik wrote: »

Thankyou, will pass the info on to her!
Ive advised her to get some legal advise, and if poss, get as much info from the ex regarding the loan/iva!
Would the iva disclose any info concerning this?
And is she best off continue to pay her part of the loan, or wait untill the company makes contact with her?

I'm not sure if the insolvency practitioner in charge of the iva would give this info - we never asked for it. The ex never admitted she was on an iva - OH found out when debt collectors rang him asking for payments and told him!!! And we searched the insolvency register online (free) to find out the date is started and person dealing with the iva.

Our situation was slightly different - she told OH not to pay the loan as she was "paying it", "sorting it" and had a "legal guy" looking at it to see if it could be "written off" :rolleyes: I knew from MSE it wasn't under the 6 year rule as payments had been made so doubted that would happen.

First OH knew was a default notice through the post, then debt collectors rang to say payments of £1 had been made for the time she claimed to be making the payments and had now stopped completely - and let slip she'd entered an iva - OH decided not to trust her theory that it would be written off and so came to an arrangement for a low monthly payment figure to try and stop any court action against him, since he was also jointly liable for the sum. If the court sees you have been making an attempt to make some sort of payment, rather than completely avoiding paying, then apparently it should go in your favour (hopefully) in any court action.