Iva / Joint Loan

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by mccandrew67 » Mon Nov 06, 2017 3:48 pm
Iva is in my name but tied up with joint loan with girlfriend she said she would pay the loan did not want to get involved with iva now she wants half the payments of loan each month can't do it what do I do ?
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by Foggy » Mon Nov 06, 2017 3:56 pm
This is a private matter between the two of you. The only way she is entitled to any money towards the joint loan is if she becomes a creditor and then she might get pennies in the pound back (if the other creditors agree to her getting anything) .

As things stand she is liable for the full loan repayment unless she can come to an arrangement with the lender. They might be willing to apportion your share of the loan to your IVA and only require her to pay her "half" -- although I would be surprised if they were that generous ! Alternatively, if she can afford it, she can make the payments in full and you repay your "half" to her after the IVA has finished.
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by mccandrew67 » Mon Nov 06, 2017 4:03 pm
When money goes out the window love goes out the door only 54 more payments thanks for advise
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Lisa Thomas
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by Lisa Thomas » Mon Nov 06, 2017 4:39 pm
You do not pay for it - this is why you entered the IVA to deal with your liabilities.

Unfortunately as it was joint and several debt she is now liable for the whole sum.

She may need to take insolvency advice/procedure herself.

She may be able to claim as a subrogated creditor of your IVA.

Even if you wanted to help I can't see how you would afford it given that the majority of your surplus income is normally set as your contributions in the IVA...
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