If you entered an IVA with a loan in joint names the creditor would pursue the other named party for the debt. You yourself would be protected but the other party would have to pay the debt or seek some form of insolvency advice themselves. It is quite common in marital break ups and failed partnerships to find at least one of the parties seeking the protection of an IVA.
Do you have any other unsecured debts as well as the joint loan?
I recommend that you ring an Insolvency Practitioner who can advise you as to all your options and which would be the best for you.
You can find details under the expert link on the left hand side of the page here.
Last edited by kallis3 on Tue Jan 13, 2009 9:03 am, edited 1 time in total.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
More information is required about all your financial circumstances. Speak to an IP for advice. Visit www.iva.com and see reviews on several IP's and select one or two for a free chat. Good luck.
Last edited by David Mond on Tue Jan 13, 2009 4:11 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Its difficult to answer your question fully without more information.
Speak to an Insolvency Practitioner for further advice on joint debts etc.
Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
