can part of unsecured loan be covered by IVA?

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JayL

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Post by JayL » Tue Aug 03, 2010 5:40 pm
Hi there,i have an IVA to cover my debts,i also have a joint unsecured loan with my wife that we are still paying in full,am i able to get part of this loan covered by my IVA to reduce the monthly payments ??
Last edited by JayL on Tue Aug 03, 2010 5:57 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Tue Aug 03, 2010 5:48 pm
Your title says secured, but you mention unsecured in your post.

Secured debt cannot be included and an unsecured one should already be in there.
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.
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JayL

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Post by JayL » Tue Aug 03, 2010 5:56 pm
Hi there,it is unsecured,i will try and get the title changed,the loan is in with the IVA but we are concerned that it may affect my partners credit file if we look to stop payments fully and leave it up to the IVA estate,is it possible to split the loan so my partner still pays her share and mine is covered by my IVA ??
just grabbing at straws really !
 
 

Skippy

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Post by Skippy » Tue Aug 03, 2010 5:58 pm
I hope you don't mind JayL but I've edited the title of this thread.
 
 

JayL

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Post by JayL » Tue Aug 03, 2010 6:01 pm
Many thanks Skippy.......
 
 

kallis3

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Post by kallis3 » Tue Aug 03, 2010 6:06 pm
If it's unsecured then it has to be included in your IVA.

Your partner will still be liable for the whole amount and will have to make full contractual payments if she can.

I'm afraid her credit rating will most likely be impaired.
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
 
 

MelanieGiles

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Post by MelanieGiles » Wed Aug 04, 2010 12:54 am
It shoudn't be if she can manage to meet the contractual payments.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 6:28 am
I thought it would be if she was financially linked to her husband.

Apologies for that.
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
 
 

RHB

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Post by RHB » Wed Aug 04, 2010 7:49 am
Would she have to make the full payments though, rather than half?
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 7:56 am
I think they can with a joint debt yes xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

JayL

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Post by JayL » Wed Aug 04, 2010 8:16 am
Hi Folks,thanks for the info........
just to clarify the situation,are we able to split the
debt or would we be better off just continuing to pay
the full amount ?
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 8:20 am
If you included the debt within an IVA as it's a joint debt they can persue your partner/wife for the whole debt is how I understand it. xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Michael Peoples

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Post by Michael Peoples » Wed Aug 04, 2010 9:37 am
The debt cannot be split and your wife will have to make the full monthly contractual payment if she wants to keep her credit rating good. However, any dividend payments from your IVA will reduce the balance and ultimately shorten the term of the loan.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 6:52 pm
Michael is right - you cannot split it. Neither can you leave it out of an IVA. All unsecured debts have to be included.
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
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