DOUBLE LOAN

[ray72]

my wife took out a loan with my daughter, joint as they say, however my wife and myself are in an iva now only just, we told the ip of this loan and it was added to my wifes side of the iva, however my daughter got a call from the company and they want payment from her as she is not covered by the iva, if this loan is half in the iva and half out how does that work, as they are going to get monies after the five years, i have since wrote to them on behalf of my daughter and informed them she is unemployed, but they keep writing to her.

[Storm]

The loan will be joint and several which means they will persue your daughter unemployed or not. She may potentially get a county court judgement if she doesn't pay.

[illihor]

Storm is correct. The creditor is entitled to pursue your daughter for the balance of the loan. Employment status will unfortunately not stop them in their chosen action.

If your daughter is unemployed and has little or no assets it may be worth discussing Bankruptcy with a debt professional. This will likely lead to writing off your daughters part of the loan not covered under the terms of the IVA.

Before making any decisions please make sure you have spoken to at least 2/3 different debt professionals regarding this so so can make a more informed decision as to how to procede.

Kind Regards.

Lee

[Oliver]

I am surprised that your IP did not inform you that as this loan was taken out jointly, the lender will seek payment from your daughter who is not protected by your IVA.

Your daughter could try to negotiate an informal repayment plan with the creditor or look at other debt solutions such as bankruptcy or an IVA.



Best Regards
Oliver

Thomas Charles Ltd, A medium sized debt solutions provider based in London.
Read customer feedback at: www.thomascharles.com/about_us.asp