www.iva.co.uk

Hi

i am looking for a bit of help re a full and final if i am looking at a full and final can you advise will a joint loan be treated any different
in my iva i had sole credit along with a joint loan with my partner he is not in a iva and we are aware he will have sole responsability for this at the conclusion of the iva, but if i was to offer a f&f would this being a joint loan be treat any different

many thanks

Hi and welcome.

I think that once the IVA is paid off with a full and final, your partner will still be liable to pay off any balance left on it.

Not 100% though so hopefully one of the experts will be along to advise.

yeah i understand he will still be liable but would this creditor still be included in a full and final and get some paid off the outstanding balance

sorry for the confusing situation

thanks

The creditor would still be included as far as I am aware. It would only be the remaining debt once they had received their monies from you that would be outstanding.

The debt would still be owing and your partner would need to maintain the contractual payments to ensure nothing adverse is shown against him. The payments from the IVA will reduce the balance owing and shorten the timescale over which the loan is repaid.

thanks