Ok so both me and my partner are almost 4yrs in of 6, my question is. What if my partner fails hers? Where would this leave us regards the house (morgage) one dept is a joint one (nram togethermorgage loan)
Are the IVA's interlocking ? If so, it will depend upon the wording as some interlocking IVAs are written so that if one fails so does the other.
If not interlocking ( or written so that if one fails the other does) then your IVA will carry on as normal. Her creditors, including NRAM will pursue her for the debts in her name. What happens to the unsecured part of NRAMs loan and it's effect on the secured part will depend on the terms of those loans.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Mark - is there equity in the house? In additon to Foggy's comments I would add that if there is and her creditors force her into Bankruptcy the Trustee COULD reposess the property to realise her share of equity. This depends on the circumstances of course.
