Hello, If I include a joint debt within an IVA can the other party be pursued for the balance ?

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kayt

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Post by kayt » Tue Jul 10, 2012 9:42 pm
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Hello,

If I include a joint debt within an IVA can the other party be pursued for the balance?
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Niobe

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Post by Niobe » Tue Jul 10, 2012 9:48 pm
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Hello,

Yes, the other party will be pursued for the whole amount as you are both jointly liable for the debt.
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Broke of London

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Post by Broke of London » Tue Jul 10, 2012 9:53 pm
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Hi kayt!

You are both jointly and individually liable for the whole debt.

Your iva would cover your liability and your payments will be deducted from the outstanding balance, but the other party would be pursued to maintain contractual monthly payments or to reach a payment plan with the creditor.

As far as I am aware, all unsecured lending must be included so it wouldn't be possible to leave it out (unless it is a secured debt).

If you haven't spoken to anyone yet, you could check out www.iva.com which is a listing site with client reviews. And of course the IPs who post on here are very good.
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Michael Peoples

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Post by Michael Peoples » Wed Jul 11, 2012 9:08 am
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Just to add that if the joint borrower repaid the loan they would be entitled to a claim in your IVA and could recover some of their money.
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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