If you are facing message posting problem, please clear your browser cache and cookies. For further assistance and any login problem, please contact us here: https://www.iva.co.uk/contact

My soon to be ex husband has taken out an IVA

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
User avatar
elaine350
Posts: 1
Joined: Tue Jun 06, 2017 7:19 pm
by elaine350 » Tue Jun 06, 2017 7:19 pm
I have just discovered that my soon to be ex husband has taken out an IVA since we separated which takes into account an outstanding joint loan. Will this effect me in any way?
User avatar
Foggy
Forum Expert
Posts: 22375
Joined: Fri Dec 17, 2010 11:14 am
by Foggy » Tue Jun 06, 2017 8:03 pm
People in a joint loan are jointly and severally responsible for the loan, which means if one stops paying the other is responsible. The loan will be included in his IVA and the lender will get a small dividend, but the lender will look to you for the usual repayments. At the end of the IVA your then ex will be absolved from the loan and it will become all yours, along with the responsbility to repay the balance.

Because of the financial association your credit rating might also be affected by his IVA.
redboxtree
Posts: 49
Joined: Sat Feb 25, 2017 2:41 pm
by redboxtree » Wed Jun 07, 2017 6:59 am
Unfortunately it is as Foggy says and you may to seek legal advice if this impacts on any divorce agreement.
User avatar
Lisa Thomas
Industry Expert
Posts: 5543
Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Wed Jun 07, 2017 9:12 am
You need to be prepared for the worst case scenario that you might have to repay the joint debt yourself in full.

If this happens you are then entitled to claim in your husband's IVA for (presumably 50%) of the payment as a creditor yourself.
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 5 guests