I'm currently going into my second year of my IVA.
I do have something that is in the back of my mind.
Both me and my partner (who is also in an IVA) took out a joint loan with Halifax for £10,000.
We are currently paying this back to our IVA, but on our list of debts it says that I have £10,000 loan and my partner has £10,000 loan. I obviously think this should be split to £5,000. I have queried this, but I just get told that we are both accountable for the debt. It just seems unfair that Halifax will get a lot more back than I ever borrowed.
I hope that makes sense.
I just wondered are my IVA company correct? Just seems odd! Has any one come across this before?
On a joint loan you are each liable for the full amount, not half each. So if one defaults the other pays the lot, up to the outstanding balance. I grant you, it IS an odd situation where it appears that the one loan is being treated as two and the creditor gets more than they would had it been one loan to one person. But then, an IVA is an odd situation in itself, for the creditor.
Part of life's rich tapestry I guess.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your IP company are absolutely correct Daisy - but if the debt does eventually get repaid in full fro your combined contributions before the IVA is finalised, then your other creditors will actually get more money returned to them.
