I started my IVA in December and have been separated from my husband since March 2010, divorce will be final in two weeks. One of my creditors is Lloyd's £15k for a loan and £2.5k for an overdraft. These were in joint names and now I've entered this IVA I have had letters to my house for my ex demanding immediate payment in full.
He suffers terribly from depression and anxiety and am terrified of bringing this up with him. Especially seeing as half the debt is mine, how can they pursue him for the full amount? He has always laid half of the monthly payment since we separated and I have told I was struggling to meet my half so I had entered a voluntary agreement with Lloyd's to get the payment down but haven't actually said IVA. He has offered to pay half the new amount as well but I haven't taken him up on this yet out of guilt. I dont think he'd be a candidate for an IVA as he is living with his parents so has quite a low cost of living I would imagine. I really don't know how to broach this with him. I'd really prefer to go to him with the problem but also the solution as I do wholeheartedly believe it may tip him over the edge.
We have an amicable divorce which is so good for our two children and I really don't want to rock the boat for their sakes. I know I'm rambling and you probably can't offer any advice but I'm losing so much sleep over this and to be honest it feels good to actually speak to someone about it.
With joint accounts creditors will always pursue the full amount from the other party. Your IP should have made you aware of this before theIVA started. They would not of course take more than the full debt (taking your IVA payments into account as well).
Your best bet is to sit down with your ex-husband (soon to be) and explain that he needs to make some offer to the creditor. If he suffers from depression then maybe his GP or any specialist could write a letter explaining that he suffers for depression.
I would then hope that the creditor accepts him continuing to pay what he is until the debt is repaid.
You both just don't owe half of the debt - but in reality you both owe all of it. Dealing with joint creditors is a sensitive area, if only one of you is entering into an IVA, and your IP ought to have discussed the implications of this with you at length and also written to your ex-husband to make sure he was aware of the exposure to himself, before the IVA was proposed.
He will now be held liable for the full contractual repayments, unless he can come to some arrangement with Lloyds directly. What level of dividend have you offered to creditors, and which firm are you with?
If your husband has his own debts as well as the joint loan it maybe a debt solution is available ...there are options to consider and speaking to someone like Mel's team may prove beneficial to him.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I had a debt management plan with DFH and they then referred me on to debt support centre (Gregory Mullarky) who did my IVA. I pay £165 a month which from memory gives them 26p in the £.
This is his only debt apart from about £8k he owes to his mum for his car.
I think that your ex-partner will have to come to a direct agreement with the bank to pay ongoing payments. They will continue to collect dividends from your IVA in the meantime, but your ex will be held liable for the shortfall.
