hi all
did a volentery surrender 2 mths after starting my iva which was 14mths ago the house as just sold and there is £25000 short fall.what happens now as i am only in the iva not my wife .our payments to the iva are based on both are income and have no more spare money if they want us to pay
Jar - welcome to the forum. All joint debt including the the mortgage shortfall both parties are equally liable so if one party enters an IVA the non IVA partner will be still be liable for the debt (this includes joint overdraft etc.) The creditors may pursue the non insolvent party for all of the debt
hi ginger3232
how could my wife pay when they use her income for my iva,when we did income and expenditure they said we had £150 surplus which pays my iva.could i cancel my iva and get a joint one with my wife or should we go bankrupt as we have no assets
Was there joint overdrafts etc. entered into the IVA,
Also the mortgage shortfall is large and you are 14 months into your IVA - again you do need to discuss this with your IVA company for the best way forward.
If it is legally joint debt - then joint liability will remain
Last edited by ginger3232 on Tue Jan 10, 2012 3:28 pm, edited 1 time in total.
