Hi
My ex husband is 2 years into an IVA, but he didn't include a £20,000 joint debt. Should this have happened? I have been paying it for 2.5 years, but I am not in a position to in the future.
Many thanks
I agree with ginger - as this is a joint debt then you are liable for the whole amount.
He does need to speak to his IP - was there any reason it wasn't included in the IVA?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It is an unsecured loan.
He didn't include in in his IVA as it is in the consent order stating that I will pay it. (Although it also says that he will pay all the other loans, but as he started the IVA they have defaulted to me anyway).
I am considering going bankrupt, so will obviously not be paying it. Will he be forced to do the same as he hadn't declared thhe debt?
He was wrong not to declare the debt because while it may have been in the consent order it was still a liability that he had. This has the potential to default his IVA but this does not help you.
You should get some free advice from an IP firm and he should notify his own IP who will likely be obliged to call another meeting of creditors.
I would visit www.iva.com for a list of companies and reviews and speak to one or two. The advice is free and impartial and they will be able to assist you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Michael has said, your ex should have included this debt in his IVA. Given that he has not, if you declare yourself bankrupt the creditor could (and probably will) start chasing him for the money. As it is a large debt it can not be added to his IVA without the consent of his other creditors so there is a risk that the IVA might fail. He should talk to his IP asap about this.
If you declare yourself bankrupt you will no longer be liable for this or your other debts so if your income has recently fallen this could be a could option. However, make sure you understand the other implications of bankruptcy particularly if you are a home owner.
Hi
Thank you to everyone who has replied.
I'm not going into bankrupcy lightly, but I really have no other choice.
I will be going on maternity leave in the summer and my income will reduce to SMP only. (I was due some cashback from a loan at the beginning of the year, which would have paid my debts while on a reduced income, but the loan company made it payable to my ex (as he was the first named person on the policy) and he won't hand it over to me.) It was stated in the consent order that the money was mine but the order really isn't worth the paper it is written on and I can't afford anymore solicitor fees.
I am a home owner, although I don't want to be. My ex still lives in the house, he won't sell it and he can't remove my name from the mortgage due to the IVA.
It does seem as though bankruptcy is the best option for you.
Your ex will be the one to suffer here I think.
You need to be able to make a fresh start, especially with the little one to look forward to. You should be able to look forward to a stress free pregnancy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree with Jan. Bankruptcy does seem to be the best option open to you and will give you a way out of the property as your title will pass to the official receiver. If there is any significant equity they may well push for the property's sale.
Jenny - good luck in the pregancy! It may be worth just checking to see if you would be able to get some Legal Aid - to ensure both you and the "little ones" best interests are taken care of !!!
You really want this over and done with, "with no chance of anything to come bite you back" so you can spend your time looking after yourself and baby.
Last edited by ginger3232 on Tue Apr 05, 2011 5:20 pm, edited 1 time in total.
