IVA Help

[princess81]

Please help, if I have a joint debt with someone and I want to apply for an IVA as I have so much debt I can not pay what happens to the joint loan - I know if I went bankrupt the joint debt would pass to the other person who is joint on the loan but I cant find anything on IVA. Thanks

[Buenchico]

You and the other person currently both have a responsibility to repay the debt. (i.e. the responsibility is 'joint and several' which means that either, or both, of you can be pursued for full repayment of the debt). If you enter into an IVA the other person's responsibility for settling the debt remains unchanged. (i.e. they can still be pursued for full payment of the debt).

This might be relevant to your situation:
http://www.freeivaadvice.co.uk/Joint_debts.htm

Chris