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Posted: Wed Jul 16, 2008 3:00 pm
by scott_s
Can a personal loan taken out in joint names be taken into account when entering into an IVA?
Posted: Wed Jul 16, 2008 3:01 pm
by zoe
No the creditor will look to the other person to settle the debt.
Posted: Wed Jul 16, 2008 3:10 pm
by aguise
Hi Scott yes, we had ajoint personal loan and it was included in our iva's, which are joint and interlocking, (one proposal, one ,payment and i and e is worked out jointly, though they are seperate) If only one entered an iva then the other could be chased the remaining debt.
ang
Posted: Wed Jul 16, 2008 3:45 pm
by scott_s
aguise,
Thanks for reply. Would this require both parties to enter into an IVA at the same time? If so, is the amount shared equally and apportioned equally?
Posted: Wed Jul 16, 2008 3:49 pm
by Viki.W
Hey scott, welcome to the forum. Could you please post a few more details regarding your debt and your partner's debt. There are certain criteria to meet for an IVA, this has to be taken into account when considering both of you. How many creditors have you got, what is the amount of debt? The same questions for your partner. The experts can advise you then. X
Posted: Wed Jul 16, 2008 4:03 pm
by scott_s
I currently have approx. 14k of debt (4 creditors), my wife has approx 8k (2 creditors) with approx 8k (1 creditor) in joint names. Any help v. much appreciated.
Posted: Wed Jul 16, 2008 4:17 pm
by aguise
Hi scott
The best thing to do now is to talk to an insolvency practioner and see which solutions are avaliable and would best suit your situation. You can get reviews on iva.com on companies and IP's and I would highly recommend any of the IP's that post on this site.
You may be able to enter into seperate iva's or an interlocking but as I am not a technical expert it would be best to seek definative advice on your specific situation, as an iva may not be the best solution. Initial advice from an Ip costs nothing, and those on here can be found on the experts page.
Keep asking anything that you want or are unsure of.
Ang
Posted: Wed Jul 16, 2008 4:58 pm
by MelanieGiles
It might be possible to put forward interlocking IVAs for you on those figures, but it would be better if you arranged to have a chat to an insolvency practitioner, as those debts are quite low and there may be better solutions available for you and your creditors.
Posted: Wed Jul 16, 2008 8:08 pm
by lighton
We have joint iva partners debt was 26000 and mine 14000
Posted: Wed Jul 16, 2008 8:58 pm
by Soulgrowth
Hi Scott ... just wanted to say good luck and welcome to the Forum. Hope you find a solution.
Debbie