What happens if one partner dies

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Cheryl.cc

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Post by Cheryl.cc » Tue Aug 10, 2010 10:18 pm
If you have an IVA can you get out of it before the term is completed?
What happens if one partner dies does his/her part of the IVA die with them?
If an IVA was taken out in joint names but with individual debts is the living partner still responsible for all the IVA or just their part?
 
 

MelanieGiles

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Post by MelanieGiles » Tue Aug 10, 2010 10:19 pm
Hi there and welcome to the forum

You can get out of an IVA before it completes, if you stop paying the payments and it defaults - however this may have wider financial implications on you so tread carefully.

If one party dies, the surviving party can continue with their own IVA, thus dealing with only their sole and any joint debts.
Regards, Melanie Giles, Insolvency Practitioner
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