Couple of Questions

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EB2000
Posts: 7
by EB2000 » Wed Jan 20, 2010 7:05 pm
Will an IVA affect my career as Pub Manager and any progression within the trade?

If I proceed with an IVA due to problems affording my half of the debt.. would my ex who is not having problems affording his half of the debt, be able to arrange to keep paying his half only and not take on my half?

 

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Cybus
Posts: 392
by Cybus » Wed Jan 20, 2010 7:33 pm
An IVA would affect your prospects if your name is above the door.

If the debts referred to are joint and you enter in to a Voluntary Arrangement, then the other party to those debts, your ex, can still be pursued not only for their share of the debt, but for the full amount. It's awfully tricky having an IVA with joint debts were the other party is not in an arrangement themselves.

 

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EB2000
Posts: 7
by EB2000 » Wed Jan 20, 2010 8:23 pm
I was told that there have been cases where in a joint debt situation one has stopped paying their half of the debt, which then the creditors chase the other but they have been able to still pay only their half.

I just wanted to know if this was true?

Cybus wrote:


An IVA would affect your prospects if your name is above the door.

If the debts referred to are joint and you enter in to a Voluntary Arrangement, then the other party to those debts, your ex, can still be pursued not only for their share of the debt, but for the full amount. It's awfully tricky having an IVA with joint debts were the other party is not in an arrangement themselves.


 

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kallis3
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by kallis3 » Wed Jan 20, 2010 10:50 pm
If you have joint debts, then you and the other person are both jointly and separately liable for them.

They would be incuded in an IVA, but if the other person did not do an IVA, they would be pursued for the whole amount and would have to come to some sort of arrangement with the creditor if they could not make the full payment.

 

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EB2000
Posts: 7
by EB2000 » Wed Jan 20, 2010 11:55 pm
will my ex have to do a DMP? or another arrangement?

EB2000 wrote:


Will an IVA affect my career as Pub Manager and any progression within the trade?

If I proceed with an IVA due to problems affording my half of the debt.. would my ex who is not having problems affording his half of the debt, be able to arrange to keep paying his half only and not take on my half?

 

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kallis3
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by kallis3 » Thu Jan 21, 2010 6:32 am
Your ex will have to fund the payments for the joint debts, which can be done either by paying the monthly payments in full or by doing a DMP or just coming to an arrangement with creditors himself. If he also has other debts he could look at doing his own IVA.

 

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EB2000
Posts: 7
by EB2000 » Thu Jan 21, 2010 10:34 am
what sort of bank account are you allowed with an IVA?

kallis3 wrote:


Your ex will have to fund the payments for the joint debts, which can be done either by paying the monthly payments in full or by doing a DMP or just coming to an arrangement with creditors himself. If he also has other debts he could look at doing his own IVA.

 

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Declan at DebtFreeDirect
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by Declan at DebtFreeDirect » Thu Jan 21, 2010 10:56 am
Hi EB
Essentially you are allowed a bank account with no credit facillities available, in other words a basic bank account.

Thanks

 

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Michael Peoples
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by Michael Peoples » Thu Jan 21, 2010 11:01 am
You can have whatever bank account you are given provided it does not have an overdraft. If your credit file is not damaged as yet you could get a cheque book and debit card which is all anyone really needs.
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