new account added to IVA?

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skiduck

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Post by skiduck » Sat Mar 24, 2018 10:37 am
Hi,
I've recently entered into an IVA which covered all debts that I am solely liable for. However we have just received a letter from RBS about a joint account my wife and I hold. This account is in overdraft and the letter says they have closed the account, stopped fees and interest and will "form part of the insolvency agreement".
Does that mean that this is added to the IVA, therefore written off after the term or it's just frozen and we have to bring the account back to zero balance.
I'm a bit confused as this was not part of the initial IVA so we are not sure whether to pay into the account or leave it.
Hope that makes sense.

Many thanks

kallis3

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Post by kallis3 » Sat Mar 24, 2018 11:08 am
Hi,

If your wife is not part of the IVA she will be expected to continue to make payments for it.

Why was did it not go into the IVA? I assume it's not a secured loan?
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Foggy

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Post by Foggy » Sat Mar 24, 2018 11:16 am
It would appear that RBS have been informed of the IVA --- you need to check with your IP if it was, in gact, included.

For joint liabilities the usual procedure is that they are included in the insolvent party's IVA, who is then absolved for making payments. However, the solvent party is then responsible for the whole loan and will have to make arrangements to make the payments. So, the bottom line is that, for a couple, it is as broad as it is long!

RBS seem to be taking the stance that this is not a joint debt, or have incorrectly used a generic letter template.

Why was this not, apparently, included at the off ?
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skiduck

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Post by skiduck » Sat Mar 24, 2018 11:18 am
kallis3 wrote:
Hi,

If your wife is not part of the IVA she will be expected to continue to make payments for it.

Why was did it not go into the IVA? I assume it's not a secured loan?
Hi, many thanks for the reply. I assume it didn't go on as it was a joint account. I thought creditfix would add all accounts that were applicable and as this was a joint one did not think it would be added. It's not a secured loan but just an overdraft. At the bottom of the letter they say;
"We might send you a Default Notice or Formal Demand along with instructions on what action you will need to take."
So, we are quite confused on what the whole letter actually means to us, as it also says the debt will form part of the insolvency agreement.

skiduck

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Joined: Sat Mar 24, 2018 10:30 am

Post by skiduck » Sat Mar 24, 2018 11:19 am
Foggy wrote:
It would appear that RBS have been informed of the IVA --- you need to check with your IP if it was, in gact, included.

For joint liabilities the usual procedure is that they are included in the insolvent party's IVA, who is then absolved for making payments. However, the solvent party is then responsible for the whole loan and will have to make arrangements to make the payments. So, the bottom line is that, for a couple, it is as broad as it is long!

RBS seem to be taking the stance that this is not a joint debt, or have incorrectly used a generic letter template.

Why was this not, apparently, included at the off ?
many thanks, I think I will have to ring the IP on Monday to see what is happening and if it has now been added to the IVA.
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