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clareboo
- Posts: 9
- Joined: Mon Jul 04, 2011 8:47 pm
- Location: United Kingdom
Hi,
Just wondered what happens if I apply for an IVA but we have some joint debts like a bank acount??
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kazzafunk
- Posts: 4749
- Joined: Sat Mar 19, 2011 6:47 pm
- Location: United Kingdom
Clareboo - you are both jointly liable for the joint debt. Your partner will have to make arrangments to repay the joint debt. 100% of the debt will be included in your IVA and the creditor will also seek 100% from your partner. However between you both only 100% will be repaid, ie if your partner repays the whole debt during the IVA it will not be included in the payment from the IVA pot (confusing but that's the simplest way I can describe it!)
