www.iva.co.uk

Hi

My husband who I am separated with has taken out a Iva on a joint loan with myself plus other credit cards which are in his name only. Can I ask how it is possible to take out a Iva on joint loan without my consent? Also could you tell me how this is going to effect my joint mortgage? Would I have had to sign any paperwork in relation to his Iva? If you could let me to me it would be much appreciated

Regards
Hayley

On the joint loan front you do not have to be consulted (morally is a different matter) , but you are now responsible for these loans yourself and should come to some arrangement with the creditors for payment.

Regarding the mortgage, your ex will have to release his share of equity towards the end of his IVA or, if this fails, extend his IVA by a year. The mortgage still has to be paid as usual. There is usually a charge placed on the home by the IP and you should be asked to sign the RX1 agreeing to this charge --- all it is is a restriction which will operate to notify his IP should the house be sold. Sometimes (rarely) they don't bother with a restriction.

Hi

You would need to pay the loan payment in full each month to avoid any affect on your own credit rating, any payments received from your ex husband via his IVA would reduce the balance on the account and your loan may end earlier than scheduled

His, and not your, equity share may have to be introduced into his IVA but way of a secured loan as my guess is that you would not agree to any joint remortgage. If his equity can't be released then his IVA could extend by a year instead of any remortgage/loan

Kind Regards

You will need to prepare to make arrangements to pay the full amount of the joint debt.

You could be entitled to make a subrogated claim as a creditor for his 'half' of any such payments you make, in his IVA.

If you knew nothing of the loan then you should complain to the bank who loaned the money otherwise you will have to repay it. This may require a further complaint to the police as effectively this money may have been obtained fraudulently and this is a decision you will have to make. Either pay the loan back or report your ex and neither seems a very palatable option.

Was it taken out before the IVA? If so she will be liable - sounds as though she is saying the IVA was taken out after the loan.

I misread the post. I thought the joint loan was taken out without the poster's consent whereas it was the IVA. Sorry but my mistake.

We all do it Michael!