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

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leighton209

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Post 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?

J5453

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Post 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.

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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