two loans with my partner

5 posts Page 1 of 1
 
 

trueblue

User avatar
Posts: 1
Joined: Thu Aug 30, 2007 9:22 am
Location:

Post by trueblue » Thu Aug 30, 2007 9:22 am
i have my own debt,but i also have joint debt such has two loans with my partner how would this be settled.
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Thu Aug 30, 2007 9:27 am
Hi trueblue and welcome to the forum

Both you and your partner are jointly and severally liable for the joint debts, which means that you are both responsible to pay the lot. If you enter into insolvency proceedings, then the joint creditors will continue to pursue your partner for repayment of these creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
 
 

aguise

User avatar
Posts: 3907
Joined: Tue Jan 23, 2007 11:24 am
Location: United Kingdom

Post by aguise » Thu Aug 30, 2007 9:30 am
Hi trueblue
If you were to go for an iva then they would be included if they are unsecured. The credtors would then seek payment from your partner though as the loans are joint. My husband and I had joint loans but did an iva together, they are as such seperate but are joined as one income and expenditure and one proposal and one monthly payment, which covers both our debts.
I am like you in debt so wait for other answers.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/
Please visit my blog at http://aguise.blogs.iva.co.uk/
 
 

iva experts

User avatar
Posts: 1271
Joined: Thu Apr 20, 2006 5:31 pm
Location:

Post by iva experts » Thu Aug 30, 2007 9:30 am
Welcome trueblue,

If you are entering into an IVA and your partner is not then your partner will be persued for the whole amount owing. Your part would be covered because it is included in the IVA.

Can your partner continue to pay the minimum payment in these two loans? If so a provision can be placed in the monthly expenditure.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
 
 

iva_squirrel

User avatar
Posts: 647
Joined: Mon Apr 17, 2006 10:32 am
Location: United Kingdom

Post by iva_squirrel » Thu Aug 30, 2007 10:00 am
Hi trueblue,

If you have a joint debt with your partner then this will have to be included in an IVA. Your partner will always be responsible and pursued for payment of this debt.

Regards,
Michelle P.
5 posts Page 1 of 1
Return to “IVA postbag for august”