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.
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?
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.