www.iva.co.uk

In my previous marriage my Wife had a business financed with a secured loan in both of our names. This has since failed and my ex-wife has now an IVA to pay the debt but the same company is now chassing me for the full amount. I thought the IVA would have been for the full amount is this allowed?

Hi Alan,

I think you will find that the IVA will only be for your wifes 'half' of the loan. You will still be chased for it.

One of the technical experts will be able to tell you why.

Hey Alan, welcome to the forum. Unfortunately, they are within their rights to chase you for the debt as this was in your name too. You say it was secured, secured against your home or the business? Please hang in there for a technical expert to advise you. X

I think the first thing you need to establish is what the position is regarding the security given against the loan. What security was given to them?

Your wife may be in an IVA, but is the creditor? Or are they relying on their security?

Whichever way you look at it, it is a joint and several liability. So if one party does not pay, the secured lender has the right to chase the other for payment of the amount due to the extent that they receive 100p in the £.

For example if the creditor's security has been valued and your ex wife's IVA is offering a return of 45p in the £, you will be expected to pay the other 55p that she isn't paying.

Hi
I guess that the security offered with the loan has not yielded anything or a shortfall for the creditor.If so you will be liable for the full amont that is owed[less any proceeds from the sale of the security]
Regards

You will actually be pursued for the full 100p as this creditor will not want to wait until your wife has paid her dividend before waiting for your share. Hope it doesn't come to this but best to be forewarned. Was the loan secured on your property?