Do I owe full joint debt if ex is in an IVA?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
leighton209
Posts: 1
by leighton209 » Mon Feb 26, 2018 2:40 pm
My Ex Wife whom we have been separated from for just over 2 years has just entered in to an IVA. We had a joint account with an overdraft of £1700. I have been told by her that she full amount is in her IVA in full. but I still owe it too. Could you tell me how this works, do I owe the full £1700 as well or just half £850. IF its the full amount how do I end up paying it if the account gets closed?
User avatar
J5453
Posts: 71
by J5453 » Mon Feb 26, 2018 3:49 pm
I went into an IVA keeping my ex informed all the step of the way. We had a joint secured loan and I had to include it into my iva when the house was sold as it then became unsecured.
However I was told that he would still be liable for the full amount even whilst it was included in my Iva. I told him this as he was in a financial muddle too and advised him to go for an iva too. No idea if he did or if he got chased for the full amount but my understanding is the solvent half will be chased for full amount as they are still liable.
User avatar
Foggy
Forum Expert
Posts: 27501
Contact
by Foggy » Mon Feb 26, 2018 3:50 pm
leighton209 wrote:
My Ex Wife whom we have been separated from for just over 2 years has just entered in to an IVA. We had a joint account with an overdraft of £1700. I have been told by her that she full amount is in her IVA in full. but I still owe it too. Could you tell me how this works, do I owe the full £1700 as well or just half £850. IF its the full amount how do I end up paying it if the account gets closed?


As the account and o/d was "joint and several", when she defaults you owe the full amount. less whatever she pays over to this creditors during her IVA. You need to contact the lender and make your own arrangements for payment.
User avatar
Lisa Thomas
Industry Expert
Posts: 7115
Contact
by Lisa Thomas » Tue Feb 27, 2018 9:13 am
They can come to you for the full amount. If you pay them you can claim in her IVA as a subrogated creditor.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 31 guests