personal loan in joint names OK for an IVA?

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scott_s

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Post by scott_s » Wed Jul 16, 2008 3:00 pm
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Can a personal loan taken out in joint names be taken into account when entering into an IVA?
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zoe

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Post by zoe » Wed Jul 16, 2008 3:01 pm
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No the creditor will look to the other person to settle the debt.
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aguise

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Post by aguise » Wed Jul 16, 2008 3:10 pm
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Hi Scott yes, we had ajoint personal loan and it was included in our iva's, which are joint and interlocking, (one proposal, one ,payment and i and e is worked out jointly, though they are seperate) If only one entered an iva then the other could be chased the remaining debt.

ang
Please visit my blog at http://aguise.blogs.iva.co.uk/
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scott_s

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Post by scott_s » Wed Jul 16, 2008 3:45 pm
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aguise,

Thanks for reply. Would this require both parties to enter into an IVA at the same time? If so, is the amount shared equally and apportioned equally?
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Viki.W

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Post by Viki.W » Wed Jul 16, 2008 3:49 pm
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Hey scott, welcome to the forum. Could you please post a few more details regarding your debt and your partner's debt. There are certain criteria to meet for an IVA, this has to be taken into account when considering both of you. How many creditors have you got, what is the amount of debt? The same questions for your partner. The experts can advise you then. X
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http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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scott_s

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Post by scott_s » Wed Jul 16, 2008 4:03 pm
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I currently have approx. 14k of debt (4 creditors), my wife has approx 8k (2 creditors) with approx 8k (1 creditor) in joint names. Any help v. much appreciated.
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aguise

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Post by aguise » Wed Jul 16, 2008 4:17 pm
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Hi scott

The best thing to do now is to talk to an insolvency practioner and see which solutions are avaliable and would best suit your situation. You can get reviews on iva.com on companies and IP's and I would highly recommend any of the IP's that post on this site.
You may be able to enter into seperate iva's or an interlocking but as I am not a technical expert it would be best to seek definative advice on your specific situation, as an iva may not be the best solution. Initial advice from an Ip costs nothing, and those on here can be found on the experts page.
Keep asking anything that you want or are unsure of.

Ang
Last edited by aguise on Wed Jul 16, 2008 5:00 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Wed Jul 16, 2008 4:58 pm
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It might be possible to put forward interlocking IVAs for you on those figures, but it would be better if you arranged to have a chat to an insolvency practitioner, as those debts are quite low and there may be better solutions available for you and your creditors.
Regards, Melanie Giles, Insolvency Practitioner
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lighton

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Post by lighton » Wed Jul 16, 2008 8:08 pm
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We have joint iva partners debt was 26000 and mine 14000
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Soulgrowth

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Post by Soulgrowth » Wed Jul 16, 2008 8:58 pm
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Hi Scott ... just wanted to say good luck and welcome to the Forum. Hope you find a solution.

Debbie
Debbie
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