joint loan

[baz36]

hi, spoke to you all some time ago regarding a joint loan i had with ex husband,(that he has stopped paying)IP said to put in writing to them how much extra we could afford to them, which we did!! saying we could up our payments by £20 per month.

had a letter from the variations team who have said they will let us know when date for the variations meeting is set?

really not sure how this works? have current IVA for £57000 with 11 creditors, this new creditor is AA finance for £5800,

are they just asking all our creditors if it is okay to accept this new one?

will they ask AA finance to accept?

If they dont accept our £20 per month payment we cant afford anymore, will our IVA thats set up already still continue?

help please

[Adam Davies]

Hi
The variation meeting is to inform your creditors that due to the extra creditor[AA] the dividend will be slightly reduced and to get them to agree [they would be barmy not to]
The AA will almost certainly agree to be bound by the terms of your IVA because they know that all your disposible income is tied up so there would be no point in trying to get more out of you.
As its joint they will probably put all their efforts into chasing your ex for the money.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[baz36]

thanks Andy thats made me feel much better. I do hope that they still chase my ex for the money though, and i do hope they dont tell him about my IVA.

If the AA get in contact what do i say?

havent got a date yet for meeting.

[Adam Davies]

Hi
Tell them that you are in an IVA and ask them to direct all calls and letters to your IP.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[baz36]

Is it worth writing to them to say this. Or should i just sit and wait?

[MelanieGiles]

Hi again baz

Your IP should firstly be asking AA if they wish to join into the IVA, as if they say no then a variation is a waste of time and money. Once they have expressly agreed to join in the proceedings, your other creditors will have to agree to this inclusion - again you need to obtain a 75% majority at a newly convened creditors meeting.

I would let your IP deal with this directly, as they probably have their own contacts within AA as I do within my own practice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk