Will there be an outstanding amount that I will be liable for ?

[ta1969]

Hi, my ex-partner is currently in a IVA which has one year remaining, we seperated at the start of her IVA and at that time there was a joint unsecured loan of £27,000 which she entered into her IVA, at the end of her IVA will this debt be cleared or will there be an outstanding amount that I will be liable for?

[plasticdaft]

You are jointly and severally liable for the whole amount of the loan(whether it went into an IVA or not),have they not been chasing you for it?

Paul

[ta1969]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by plasticdaft

You are jointly and severally liable for the whole amount of the loan(whether it went into an IVA or not),have they not been chasing you for it?

Paul

Thanks for your reply Paul, no they have not as my ex partner is paying an amount to them through the IVA, however it ends in a years time,the question I need answering is, does that then mean when the IVA has ended, we will both be liable for the shortfall, as she is only paying 42% of the loan through the IVA at the moment. Im led to believe that at the end of the IVA she can just walk away and not pay anymore towards it? (debt cleared from her point of view) will that then leave me solely responsible for the shortfall? Is that correct?

Many Thanks

Tommy

[Foggy]

Hi Tommy. Basically, in a nutshell, what you have described is correct.

[kallis3]

Agree with Foggy. You will be liable for the outstanding amount.

[plasticdaft]

what about the interest on the outstanding amount?? I dont think it quite works that you take off whats been returned by the IVA and whats left is due.

Paul

[kallis3]

Obviously interest will continue to be charged on the outstanding amount but what has been paid via the IVA will be taken off that debt.

[Foggy]

Depends on the nature of the loan. Some have the interest calculated over the term, added up front.

There might, however, be other charges added.

[plasticdaft]

Not sure why ta1969 hasnt been chased for this outstanding amount already though?

Ta1969 have you checked your credit file to see if this loan is on it?

Paul

[libertyfund]

Can someone please explain this for me, why will there be anything left to pay at the end of the iva. I thought interest etc was frozen? ta

[plasticdaft]

libertyfund,the case in question is regarding a joint loan,where only 1 partner has gone into an IVA. In normal cases any debt left after you have repaid your agreed monthly contributions is written off/forgiven.

Paul

[kallis3]

There will be no interest on the loans included in an IVA as they are written off at the end.

If there is a joint loan then both people are liable for it. If only one has been in the IVA then the other will have to continue making payments on it and interest will be changed on that part of it.

[ta1969]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by plasticdaft

Not sure why ta1969 hasnt been chased for this outstanding amount already though?

Ta1969 have you checked your credit file to see if this loan is on it?

Paul

Hi Paul, yes its on my credit file, but it shows that the loan in all of 2009 as late payments, that I think is cause the IVA is quarterly payments?? but then from jan 2010 its says to now all up to date! but there still telling me we owe 24k on the 27k loan, all very confusing, this has mainly come to light as my ex has moved out of the house and stopped paying the mortgage, it was the together package by northern rock, so what they did was take part of the mortgage payment and put it towards the loan, plus then the IVA payment on top,this i believe to do so was wrong of northern rock but it stopped them coming after me, so its only been of late that they have started making waves since the mortgage payments have stopped, now there saying its now a personal loan and raised the intrest on that to reflect, 12.9% instead of the mortgage rate of 4.6%, the house is up for sale and has a buyer but there is a shortfall with that too, 3k, but they cant approch my ex for that cause of the IVA, im thinking bankrupcy with the shortfall of the house and the loan, plus my own debt credit cards of 6k,but I wont know for how much till my ex comes out of her IVA, which is another year, so in the meantime think im going to get alot of hounding, which is why im trying to find out the facts, I only earn 14k myself,the debt in total is more than double my annual wage, all a mess really!!