Will I be responsible for half of his IVA?

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lauren

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Post by lauren » Tue Sep 04, 2018 1:59 pm
Hi my husband has an Iva. He has left me and wants a divorce. Will I be responcible for half the debt ?
Will he have to pay the original debt amount when he receives his divorce settlement? Or will they allow him to carry on with the monthly payment agreed?
His debt is 40k paying £130 a month for 6 years .
Divorce settlement around 60k thank you

kallis3

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Post by kallis3 » Tue Sep 04, 2018 2:08 pm
Hi,

Do you have any joint debts apart from a mortgage?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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Lisa Thomas

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Post by Lisa Thomas » Tue Sep 04, 2018 2:34 pm
You will only be responsible for any joint debts.

If you paid him a settlement it would fall into his IVA under the windfall clause and would have to be paid over unless and until all of his debts, costs and interest were paid in full so effectively you may well end up paying the joint debts off/his debts in a circular fashion through any settlement you pay him..
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Tue Sep 04, 2018 3:24 pm
Agree with Lisa .. just to emphasise --- any money taken by his IVA will come out of his share of the divorce settlement. You should get your share intact.

His IVA will be used to deal with his debts with his money, not yours. However, if you have any joint loans (even if included in his IVA) you will be responsible for those in their entirety.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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