My wife and I both have iva's which started at the same time but mine has been extended for another 12 months because of a change in wages. She owes £13480 and I owe £67125. We are both jointly liable over a loan and gas/electric bill to the amount of £12005. My wife has just reached month 54 so was asked to raise £21350 (50% equity) to pay into her iva to settle it. This was declined so her iva has been extended by 12 months. Does the details in this iva seem correct to you as, to date, my wife has paid back £10944 into the iva and to be asked to put an extra £21350 seems a bit much. The only sole debt she has is a credit card to the tune of £1475. We have spoken to our iva practitioner (Payplan) about the joint liability and they've said she just pays back a portion of the joint debt so the original figure she owed (£13480)should be less because I'm paying back my portion of that debt as well. We have asked Payplan for a settlement figure. We had a reply stating it was a complicated task to come up with the figure so to expect an answer in a couple of days. It's now just after a month and we still haven't had a reply. Am I right in thinking my wife owes half the joint liability(£6002) plus her credit card(£1475) total £7477.At the end of her extended iva she will have paid back £12444.85. Does this appear to be correct to you?
Your wife is liable for the entire joint debt as are you. However even though the joint creditors get two bites they cannot receive more than 100p in the £ across both arrangements.
Your wife's debt is £13480 and after fees have been deducted her creditors [inc joint] will probably receive 50-60p in the £. If this is the case, I cannot see how Payplan can demand £21350 equity unless their fees are horrendous. Luckily she cannot raise this money!
