two loans with my partner

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trueblue

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Post by trueblue » Thu Aug 30, 2007 9:22 am
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i have my own debt,but i also have joint debt such has two loans with my partner how would this be settled.
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MelanieGiles

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Post by MelanieGiles » Thu Aug 30, 2007 9:27 am
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Hi trueblue and welcome to the forum

Both you and your partner are jointly and severally liable for the joint debts, which means that you are both responsible to pay the lot. If you enter into insolvency proceedings, then the joint creditors will continue to pursue your partner for repayment of these creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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aguise

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Post by aguise » Thu Aug 30, 2007 9:30 am
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Hi trueblue
If you were to go for an iva then they would be included if they are unsecured. The credtors would then seek payment from your partner though as the loans are joint. My husband and I had joint loans but did an iva together, they are as such seperate but are joined as one income and expenditure and one proposal and one monthly payment, which covers both our debts.
I am like you in debt so wait for other answers.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/
Please visit my blog at http://aguise.blogs.iva.co.uk/
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iva experts

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Post by iva experts » Thu Aug 30, 2007 9:30 am
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Welcome trueblue,

If you are entering into an IVA and your partner is not then your partner will be persued for the whole amount owing. Your part would be covered because it is included in the IVA.

Can your partner continue to pay the minimum payment in these two loans? If so a provision can be placed in the monthly expenditure.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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iva_squirrel

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Post by iva_squirrel » Thu Aug 30, 2007 10:00 am
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Hi trueblue,

If you have a joint debt with your partner then this will have to be included in an IVA. Your partner will always be responsible and pursued for payment of this debt.

Regards,
Michelle P.
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