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Posted: Tue Jul 10, 2012 9:42 pm
by kayt
Hello,
If I include a joint debt within an IVA can the other party be pursued for the balance?
Posted: Tue Jul 10, 2012 9:48 pm
by Niobe
Hello,
Yes, the other party will be pursued for the whole amount as you are both jointly liable for the debt.
Posted: Tue Jul 10, 2012 9:53 pm
by Broke of London
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.
Posted: Wed Jul 11, 2012 9:08 am
by Michael Peoples
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.