Should I still be paying for loan if she is in an IVA?

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1
Alviti001
Posts: 3
by Alviti001 » Fri Jan 18, 2019 8:04 am
My wife got a loan 2 years ago for something we both wanted for 10k. We have now separated and out of good will I have been paying half of it back, but are planning a divorce.
I now find out that she's got an iva for 32k (apparently) in her name and this loan is part of it I assume.
We are going to get Divorced as I said at some point and when I ask her about the iva and the loan, she ignores me and won't answer, says its none of my business and expects me to carry on paying.
I don't see how she can have an iva for that much anyway, but I could do with opinions on the following please.
Do I need to keep paying her half the loan bearing in mind its in the iva? I've been paying itut of good will as we were together. Now we are not.
How do I find out how much the iva is for?
I don't want to do a financial statement when we divorce as I can't afford one.

Any ideas please?
User avatar
MerlinL14
Posts: 1588
by MerlinL14 » Fri Jan 18, 2019 8:09 am
If this was a joint loan in both your names then the creditor will expect you to fulfil the full amount of the repayment plan not just 1/2 even thought he loan would be accounted for in the IVA. If she was the sole signee then you have no legal obligation other than a moral one.
Alviti001
Posts: 3
by Alviti001 » Fri Jan 18, 2019 8:25 am
MerlinL14 wrote:
If this was a joint loan in both your names then the creditor will expect you to fulfil the full amount of the repayment plan not just 1/2 even thought he loan would be accounted for in the IVA. If she was the sole signee then you have no legal obligation other than a moral one.



Thanks, she claims as the loan was something for us together, I should pay, but that was for about 10k, I know she has an iva, I checked online, but as to the amount I can't see.
She said its for 32 k but I don't know where that figure came from and I don't know how true it is as when we separated, we had no loans or debts I knew of in February, this only came to light in October when she tried unsuccessfuly to take me to family court over another matter.
I suspect she's been a little generous in the paperwork she put into the courts not realising that I could check if I ask for a financial declaration, which I don't want to have to do (protecting her a bit and also myself possibly)
User avatar
Keith White
Industry Expert
Posts: 178
by Keith White » Fri Jan 18, 2019 10:01 am
I think the question here is whether the loan was taken out in joint names or in just your ex's name. If just in hers, then you are not legally liable for it and she is protected within her IVA. The exception would be if it were included as part of some legal arrangement within the terms of your separation. If though the loan is in joint names, I am afraid that you remain liable for the payment (to the loan company).
User avatar
Lisa Thomas
Industry Expert
Posts: 7229
Contact
by Lisa Thomas » Fri Jan 18, 2019 11:07 am
If it was a sole debt in her name then stop paying. You might also be able to claim as a creditor in her IVA for the amount of her debt you have paid off, although you have admitted it as out of goodwill.

If the debt was joint, or you guaranteed it then you will be liable for the full amount.
Alviti001
Posts: 3
by Alviti001 » Fri Jan 18, 2019 4:55 pm
Thanks, the loan was in her name and her name only. She originally said that as we were married and it was for us when we were together that I have a responsibility for it as well, waiting for the right time and I will cancel it.... She has a very well paid job and can afford it, more interested in how she managed to get an iva for that much, I have a feeling she isn't in debt as much as she's claiming she is a. She won't show me any paperwork, she says it's not of her business, that's all the info I have
User avatar
kallis3
Forum Expert
Posts: 74021
Contact
by kallis3 » Fri Jan 18, 2019 5:44 pm
If it is just in her name you have no responsibility to pay for it.
User avatar
abbiesmum2003
Posts: 777
by abbiesmum2003 » Sun Jan 20, 2019 8:16 am
Reading this thread i feel you have misunderstood what an iva is.
Several times you state. you dont know how she got an iva for that much and that she has mislead company.
You dont ‘get’ an iva for a set figure. It is not a loan.
She would have had to go through finances with finetooth comb, provide evidence by way of current statements to prove debts, IVA company would have contacted creditors to confirm amounts and check her credit file. She either acquired debt after you seperated or had it before but kept it a secret.
The amount is based on total debts and what she repays based on income/expenditure and many other factors.
The loan you mention will be looked at depending on whos it is (her single loan in her name only, or joint). It is irrelavant how much it was for or what it was used for. All they look at is whos name/signature is on application.
If solely hers and is included in the iva then it is not your responsibility to pay now.
User avatar
Foggy
Forum Expert
Posts: 27950
Contact
by Foggy » Sun Jan 20, 2019 10:56 am
If this loan is in her name only and is in her IVA, then you should not be paying any of it.

Are you paying "your half" as currently agreed direct to her ?? If so this could open a can of worms as she is actually making no direct payment of this loan herself and could be using your payment to simply supplement her income.
User avatar
Lisa Thomas
Industry Expert
Posts: 7229
Contact
by Lisa Thomas » Mon Jan 21, 2019 9:48 am
You need to stop paying her debts.
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 19 guests