My IVA is paying my overdraft.

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Matthew.m

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Post by Matthew.m » Sat Jul 30, 2016 1:00 pm
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My IVA is paying my overdraft, but I am worried my wife will be roped in because of our joint account.
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kallis3

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Post by kallis3 » Sat Jul 30, 2016 1:07 pm
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Hi and welcome,

Unfortunately if you have a joint account she will be liable for half of the overdraft and will have to pay some towards it.

Her credit record will also be tarnished.
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ginger323232

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Post by ginger323232 » Sat Jul 30, 2016 1:20 pm
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As Kallis as indication she will be liable, but for all the overdraft - minus and IVA payments made into it.
And because you have joint liabilities - you may find her credit report is damaged
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Michael Peoples

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Post by Michael Peoples » Sun Jul 31, 2016 4:12 pm
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If your wife clears the whole joint she can claim within your IVA so bear this in mind too.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Lisa Thomas

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Post by Lisa Thomas » Mon Aug 01, 2016 9:49 am
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Yes your wife can be asked to pay the whole balance of the overdraft by the Bank as it is a joint and several liability.

She should be prepared to receive a payment request.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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