joint loan

[ray72]

hi its me again need some info, had my daughter back staying at home temperaly due to landlord selling home they were renting, anyway i am in a joint iva with my wife, however my daughter has put her signiture to one of the loans in the iva, so the company have phoned her and said she must pay the monthly payments, if this loan has been taken into the iva, why does she have to pay,will they get 2 lots of monies

[neverending]

Hi Ray
Yes that could be a problem,each person is jointly liable.You need to speak to your IP asap
regards

[Oliver]

Hello Ray

Neverending is quite correct. Both you and your Daughter are likely to be Jointly and Severally liable for this loan. This will mean that the loan company will be legally entitled to come after your daughter for payment of this loan. Contact your IP and see if you can arrange for your daughter to pay a reduced payment (i.e the loan monthly amount less the IVA dividend you are offering).



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[ray72]

hi i have spoke to my ip he says my daughter is elagable to pay, i have wrote to the company and have explained that she has just registered unemployed and that she has no assets whatso ever, but as soon as she starts work she will contact them and come to an arrangement tomake payments, another point is this this loan is in an iva, so can interest still be added to it becouse my daughter is also on the loan form

[Oliver]

Hello Ray72

That sad news is that as the loan is in joint names your Daughter is not protected by the IVA and interest can be added to the loan. Your liability will end with the completion of your IVA but your Daughter will continue to be liable for the remaining money and any interest added to it. It would be best to advise your Daughter to contact the loan company and see if she can get them to freeze the interest on the account.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[ray72]

thank you for the advise thomascharles i will get her to do that