IVA completed. HSBC, Moorcroft and joint bank account with wife confusion.

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Stephendc39
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by Stephendc39 » Mon May 08, 2017 4:49 pm
I have recently completed an IVA successfully. One of my creditors was HSBC and one of the debts with them was a joint bank account with my wife. My wife entered into a manual programme of repayments with her creditors and this has been managed perfectly during the period of my IVA. HSBC have now received about £1500 of the original debt of around £8500 from my IVA but for 7 years my wife has also been paying £45 per month. Who needs to be contacted as my wife now pays Moorcroft ?
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Foggy
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by Foggy » Mon May 08, 2017 4:52 pm
During an IVA including a joint loan, the solvent debtor continues to pay the loan as agreed, whilst the insolvent debtor pays a dividend from the IVA. When the IVA concludes, the solvent debtor still has to pay the balance, less that dividend. Have Moorcroft bought the debt, or are they collecting on behalf of HSBC ?
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Michael Peoples
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by Michael Peoples » Tue May 09, 2017 8:15 am
HSBC will have forwarded the funds to Moorcroft. Your wife should request a statement and up to date balance and now your IVA is over you might be able to work a settlement on her remaining debt at a discount.
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Stephendc39
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by Stephendc39 » Tue May 09, 2017 10:39 am
Hi Foggy & Michael

Thanks for the replies I have now drafted a letter to Moorcroft for my wife to send requesting and up to date balance and enquiring whether the funds paid via the IVA have been credited to the account ?

I was going to enclose a copy of the completion certificate with this as it has the original HSBC sort code & account number as the Moorcroft paperwork she gets does not bear this information. I take it there is no problem with doing this.

Steve
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Foggy
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by Foggy » Tue May 09, 2017 10:43 am
Stephendc39 wrote:
Hi Foggy & Michael

Thanks for the replies I have now drafted a letter to Moorcroft for my wife to send requesting and up to date balance and enquiring whether the funds paid via the IVA have been credited to the account ?

I was going to enclose a copy of the completion certificate with this as it has the original HSBC sort code & account number as the Moorcroft paperwork she gets does not bear this information. I take it there is no problem with doing this.

Steve


Should be OK and will assist them to link accounts, if they need too.
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