IVA Termination

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floridaholiday

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Post by floridaholiday » Sat Sep 11, 2010 8:17 pm
We are about to have our IVA terminated. We have had a joint IVA. If I was to go Bankrupt and Hubby not what would happen to one joint Debt we have can I take it into my Bankruptcy. If we do this then Hubby will try and negotiate with his creditors to pay off his debts.
 
 

liamjames

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Post by liamjames » Sat Sep 11, 2010 8:20 pm
Hi Florida and welcome to the forums!

You are both liable for the full amount of the joint debt, so if you go Bankrupt, they will chase your husband for the full amount.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Shining

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Post by Shining » Sat Sep 11, 2010 8:20 pm
Hi I'm sorry to hear that your IVA is about to be terminated. I'm not sure what happens to the joint debt but I'm sure someone who does know will be along very soon. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sat Sep 11, 2010 8:22 pm
Hi,

Sorry it has come to this.

As far as I am aware though, even though the loan will go into your bankruptcy, your hubby will still be liable for it as it is joint.

Is there any reason why your hubby can't go BR as well? You could both then start again with a clean sheet.
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
 
 

floridaholiday

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Post by floridaholiday » Sat Sep 11, 2010 8:43 pm
Thanks for your replies Hubby has more to lose than I have. I have very low wage an old car and not much else. Hubby has decent Job with bonus's if we want Mortgage or anything in the future he is the biggest earner. Thought it may be better for just one of us to go Bankrupt. It will also be easier to find £600 instead of £1200 for Bankruptcy. Believe me I have been through every senario to avoid Bankruptcy making myself feel ill cant sleep having anxiety and panick attacks. Even asked my parents for help for full and final but the refused and did not want to know. You say Hubby will still be liable for joint debt but how can this work if I take it into bankruptcy as they will not get anything
 
 

liamjames

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Post by liamjames » Sat Sep 11, 2010 8:50 pm
Unfortunately while they won't get anything from you, they can still show that your husband agreed to repay that joint debt. Unless the contract is unusual, he will almost certainly be required to pay the whole thing in any case where you are unable to pay.

If you have a low amount of personal debt, you should also look at a Debt Relief Order as an alternative to Bankruptcy. They are designed for people with little or no assets, and it sounds as though you have a chance of qualifying.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Sat Sep 11, 2010 8:56 pm
I believe that you cannot enter into a DRO if you have been in an IVA during the past few years, plus you have to have less than £50 DI after bills have been paid and if FH's husband is in a good job with bonuses, this will not apply. Debts also have to be below £15k.

As regards the joint loan, you are both jointly and severally liable for it so even if it goes into the BR he will still be liable for the whole debt.
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
 
 

kallis3

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Post by kallis3 » Sat Sep 11, 2010 9:21 pm
I was actually slightly wrong - you can't be in a current IVA, be currently bankrupt or have been in a recent DRO. You can't have any assets worth more than £300 either.

The rest is correct though.
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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