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Posted: Thu Jan 24, 2008 11:07 pm
by eddy
If I have an unsecured loan with a previous partners name on it(who I am not in touch with anymore)as well as my name, though the debt is 100% mine, what would happen if I were to apply for an IVA - would she be brought into the equation?
Posted: Thu Jan 24, 2008 11:16 pm
by MelanieGiles
Hi eddy and welcome to the forum
If your partner is jointly liable for the debt, then she is just as responsible for repaying it as you are. If you were to enter into an IVA, the creditor would most likely chase her for full repayment. This is unfortunately the danger of joint and several liabilities.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp