Didn't inform the loan company of IVA

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kullboys

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Joined: Sat Mar 03, 2018 6:52 am
Post by kullboys » Sat Mar 03, 2018 6:56 am
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Hello everyone
I am now divorced. However, when I was married, myself and my (now ex) wife got a secured loan on the property we were in at the time; to pay off some debts. When we got divorced, I agreed to pay the full monthly amount on this debt as she had a young child, mortgage etc to pay. I am still paying the full amount, she doesnt pay a penny. However, BOTH our names are on the loan. I recently found out that she is now on an IVA and is 4 years into it. She didnt inform the loan company of whom i speak, of this IVA.....should she have done this ? As this could alleviate some or all of my debt.
Thanks
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Sat Mar 03, 2018 12:08 pm
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Being a secured loan it would not have been covered by the IVA payments and would still need paying, so I am afraid that the IVA would not absolve you from this undertaking.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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