Querying advice that I would have to take 100% of joint debt as I own a house.

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frost

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Post by frost » Fri Jul 24, 2015 5:32 pm
We have been advised to go into an IVA after business folded. The business was 35% mine and 65% in sisters name. Advised that I would have to take 100% of the debt, as I own a house and my sister rents.
 
 

lifenoteasy

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Post by lifenoteasy » Fri Jul 24, 2015 5:37 pm
A lot will depend on how the company was set up e.g. ltd etc.and any personal assurances you gave linked to overdraft etc.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Foggy

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Post by Foggy » Fri Jul 24, 2015 5:40 pm
I would have a chat with a few companies.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 24, 2015 6:21 pm
Hi

Are the debts in just your name or joint ?

Regards
Andam Davies
 
 

frost

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Post by frost » Fri Jul 24, 2015 8:06 pm
Hi all and thank you for your replies. I telephoned the IVA helpline and was expecting someone to call me back but it has been posted on here instead!
Basically we are in our 5th year of the IVA but I have recently been informed that we may have been missold our IVA. The business partnership was 35% me 65% sister, partnership agreement was a limited liability partnership and all loans etc were signed on the 35%/65% basis. When the business went I was informed that as my husband was the only wage earner and we owned a house we would have to take 100% liability for the debt as my sister was in rented and had no assets! I just wonder what would have happened if I too had been renting instead of owning a house.
 
 

Foggy

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Post by Foggy » Fri Jul 24, 2015 8:42 pm
I feel the main reason was that he was the one with the stable income -- you cannot base any debt solution involving any form of repayment element on no income.

To be honest there are a lot of "you have been missold an IVA" firms appearing, now that the bottom has dropped out of the PPI market.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Fri Jul 24, 2015 9:07 pm
For it to have been missold you might have to prove that the IVA company had a financial interest in the final decision.

You were probably given poor or misleading advice which is a different thing.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

frost

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Post by frost » Fri Jul 24, 2015 9:21 pm
Thanks for the replies and I think we were mislead by our IVA company. I agree that there are alot of companies now saying about misselling of IVA's but I have never been able to find out why my sister walks away free and I take all the debt. I never agreed to do this and nothing was ever set against the house with regards to the business. I guess its the missing part of a jigsaw.
 
 

lifenoteasy

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Post by lifenoteasy » Sat Jul 25, 2015 7:53 am
Was there an administrator for the company, who gave the advice

It's disposable income that is critical not apparent assets 8 times out of 10.

The other side is you may still be able to take action against your sister but you would need to seek legal advice.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jul 27, 2015 9:26 am
Your sister would not be scot free if you entered an IVA as the creditors could pursue her too. However if she has no assets she may have gone bankrupt leaving everything to fall on you. Personally I do not like partnership agreements as it is almost impossible to get two partners with the exact same circumstances which means if the partnership fails one party will be more badly hit than the other.
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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