I am considering an IVA as I have separated from my partner.

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Karen.gr

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Post by Karen.gr » Wed Apr 09, 2014 4:24 pm
I am considering an IVA as I have separated from my partner and can no longer afford to pay debts which are in my name. My question is that I have a personal loan for a car which my ex-partner drives and is paying the money for. Would it be possible for this loan to be excluded from an IVA as I do not drive and do not need to make the payments for the loan.
 
 

Foggy

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Post by Foggy » Wed Apr 09, 2014 4:26 pm
Hi. If it is a personal loan and not secured on the car then it must be included.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MelanieGiles

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Post by MelanieGiles » Wed Apr 09, 2014 11:39 pm
Could your ex-partner take over the loan account at all?

It can be excluded, but only with complete disclosure and the express permission of your creditors. And your partner would have to absolutely guarantee that he would not default on the payments. How much is still outstanding on the loan, and over what period will it be paid off?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Michael Peoples

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Post by Michael Peoples » Thu Apr 10, 2014 2:47 pm
If it is a personal unsecired loan it should be listed as a debt within your IVA. Your ex can pay you the money each month and this would go into the pot in addition to your surplus income and once the loan has been repaid your payments would reduce.

We have done this on many occasions and it is fine.
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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