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Posted: Thu Jul 14, 2011 10:43 pm
by clareboo
Hi, I am currently in the proces of getting all my paperwork together to apply for an IVA, btu was just wondering what happens if it is me that wants to apply for the IVA but I have a joint bank account that should be included?
Posted: Thu Jul 14, 2011 10:47 pm
by kazzafunk
Hi Clare - I answered under your other post about joint account, sole IVA. Have copied here for you:
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!)
Posted: Thu Jul 14, 2011 11:26 pm
by MelanieGiles
If the account in overdraft or does it have a credit balance?