Joint overdrafts

6 posts Page 1 of 1
Post Reply
 
 

stirling

User avatar
Posts: 264
Joined: Wed Oct 01, 2008 11:03 am
Location: United Kingdom
Post by stirling » Mon Dec 15, 2008 8:36 am
Quote
Just a quickie. Can anyone tell me if my overdraft which is a joint debt(£3000)and is going to be included as one of my debts in my IVA proposal. Can my wife be pursued afterwards if it is accepted for all or half the debt or none at all?

Not too long to wait now, I think my draft proposal should be ready this week. Oh to sleep easy again, and not worry about answering the phone.
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Mon Dec 15, 2008 9:05 am
Quote
If there is only you going for the IVA, then your wife will be pursued for the whole of the overdraft debt.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Dec 15, 2008 9:32 am
Quote
If the bank account is a joint account, then you are both jointly and severally liable to repay the whole lot as Jan has already stated. Do make sure that sufficient alllowance is made within your income and expenditure to allow for your wife's ongoing payments towards this debt - which it would be sensible to agree with the respective bank before your IVA is proposed.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Blair Endersby

User avatar
Posts: 180
Joined: Wed Jun 25, 2008 5:00 pm
Location:
Post by Blair Endersby » Mon Dec 15, 2008 9:37 am
Quote
As Melanie has advised you shuould have agreed a repayment of the overdraft before drafting the proposals as this payment will need to have been included as an expense.
Ensure that the whatever has been been put in is sufficient and that the bank are happy with it before you sign your proposals.
Top
 
 

stirling

User avatar
Posts: 264
Joined: Wed Oct 01, 2008 11:03 am
Location: United Kingdom
Post by stirling » Mon Dec 15, 2008 10:00 am
Quote
Thanx I'll call the bank today and get this bit sorted prior to my proposal being drafted.
Top
 
 

David Mond

User avatar
Posts: 4896
Joined: Tue Sep 30, 2008 9:31 pm
Location: United Kingdom
Post by David Mond » Tue Dec 16, 2008 3:26 pm
Quote
Yes whatever is offered in your IVA - your wife would have to pay up any shortfall
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Top
Post Reply
6 posts Page 1 of 1
Return to “annual review”