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.
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. http://kallis3.blogs.iva.co.uk
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 !
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
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
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 ?
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 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
