My soon to be ex husband has taken out an IVA

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elaine350
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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?
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Foggy
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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
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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.
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Lisa Thomas
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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.
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