How would joint loan be dealt with ?

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helen.12

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Post by helen.12 » Sat Mar 29, 2008 9:06 am
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Most of my debts are in my own name, however I do have one loan in joint names with my husband. How would that be dealt with if I went down the IVA route?
Also would I have to close my bank account?
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MelanieGiles

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Post by MelanieGiles » Sat Mar 29, 2008 2:30 pm
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Hi Helen and welcome to the forum

If you were to enter into an IVA, you would have to include the joint loan, but your husband would then need to continue to pay the contractual payments as he is jointly responsible for that debt.

You will need to open a new bank account if you owe money to the same bank.
Regards, Melanie Giles, Insolvency Practitioner
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