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Posted: Wed Jul 25, 2007 10:10 pm
by Simon.r
If there is two people who have a loan of £13000 between them and one person has gone to IVA because he have financal problem. Would it effect the other person, even if they are sperated and don't live together?
Posted: Wed Jul 25, 2007 10:19 pm
by Skippy
I'm not an expert, but I'm sure that if one person entered into an IVA the creditors could chase the other person for the balance of the loan. I'm sure one of the experts will correct me if I'm wrong.
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Posted: Wed Jul 25, 2007 10:32 pm
by Adam Davies
Hi
Skippy is correct,the other party would still be liable for the WHOLE amount.
Regards
Andy Davie
IVA.co.uk Spokesperson
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Posted: Thu Jul 26, 2007 9:33 am
by Oliver
The creditors can and likely will chase the other party for full payment of this account.
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Posted: Thu Jul 26, 2007 9:35 am
by BECKY
Hi i had a joint loan with my sister when i started my iva. It was with TSB and was told they would chase her for the remainder by my Ip but i'm 12 months in and she has never heard from them.In my chairmans report they'd put a claim in on my iva for the full balance not just my share so I don't know if thats what made the difference.
Posted: Thu Jul 26, 2007 11:39 am
by Adam Davies
Hi Becky
The Bank will always put a claim in for the full amount as both parties are jointly liable for the full amount.
I think that your sister has been lucky on this one and I presume that she is not paying anything for the loan at the moment.
I suspect that Lloyds Tsb will eventually look to your sister for repayments.
Regards
Andy Davie
IVA.co.uk Spokesperson
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Thu Jul 26, 2007 11:44 am
by iva experts
Hi Simon and Welcome to the Forum!
As other experts have stated the other party can be persued for the full amount of the loan. It may be wise for the other person to look at a Debt Management Plan, or if they have other debts a possible IVA, if they cannot repay the amount.
Best Regards. IVA Experts