Would IVA effect the other person in shared loan?

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Simon.r

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Post by Simon.r » Wed Jul 25, 2007 10:10 pm
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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?
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Skippy

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Post by Skippy » Wed Jul 25, 2007 10:19 pm
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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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Adam Davies

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Post by Adam Davies » Wed Jul 25, 2007 10:32 pm
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Hi
Skippy is correct,the other party would still be liable for the WHOLE amount.
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Andy Davie
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Andam Davies
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Oliver

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Post by Oliver » Thu Jul 26, 2007 9:33 am
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The creditors can and likely will chase the other party for full payment of this account.

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Oliver

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Oliver
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BECKY

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Post by BECKY » Thu Jul 26, 2007 9:35 am
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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.
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Adam Davies

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Post by Adam Davies » Thu Jul 26, 2007 11:39 am
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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.
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Andy Davie
IVA.co.uk Spokesperson

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Andam Davies
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iva experts

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Post by iva experts » Thu Jul 26, 2007 11:44 am
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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
Last edited by iva experts on Thu Jul 26, 2007 11:44 am, edited 1 time in total.
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Michelle Pontes
IVA Experts
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