www.iva.co.uk

Hi, ive been in IVA for 3 months and have now had to add in another creditor, as i previously posted me and my ex took out joint loan and he bought a care (and to be spiteful to me he has stopped paying it) even though he has paid it for the 2 years after we split.

My payments have had to t0 up slightly, but they can do it without seeking creditors approval as the divident to the others will remain the same plus adding in the new creditor.

(very annoying me and my new partner are paying HIS debt though)

Anyway can anyone tell me 1) will they still pursue him for the debt even though they are getting some throuh my iVA?

2) Will it affect his credit rating as we are financially associated because of this loan?

Thanks

Im not an expert, but I think the answer is yes on both counts. If a joint loan goes into a IVA and the other person isnt subject to one, then the creditor is free to pursue the other person for the full amount. Consequently, if he doesnt pay up then his credit rating will suffer as a result.

The joint loan being in a IVA protects you from any further responsibility, but not him.

Thats my understanding anyway....

Hi
Yes I would agree with all that Ivoriva has said,at least you can get on with your life now and will get no further creditor contact........unlike him !!

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

Hi Baz36,

Firstly I assume you have contacted your I.P in regards to this additional creditor, has a vaiation meeting been held as yet? and has the new creditor been approved into your IVA by your other creditors?

Ivoriva is correct, the creditor is free to persue the other participant of the joint loan if they are not in an IVA.

Best Regards. IVA Experts

I'm in IVA and wife isnt.

Joint overdraft was £2,000 and listed in my IVA.

As soon as the bank recgonised the facts (took em 6 months, too busy counting their cash or summit), they went straight after my wife for the full amount. Didnt write or anything just turned it over to debt collectors.

(She fully settled with a 75% payment so now they lost another £500 and I lost £2,000 from my original debt - Lloyds! Bless em!)

Caused quite a bit of stress at the time for my partner, though that might not worry you too much in this case