Myself and partner are considering an IVA as we have a joint debt of 40k. My partner has a 18k loan with an ex partner which she was supposed to pay off with money she made from the sale of house but she hasn't. She also hasn't paid the loan since May and it has now defaulted. We were advised that if we took an IVA the creditor for this loan would then chase the ex partner for the full o/s amount as my partner would be under an IVA. We are going to struggle to pay back the estimated 500 pm to the creditors, so would it work the same under a debt management company for my partner with this loan, in that they would chase her for it?? Debt management company will allow us to pay back a less amount a month. His ex partner sold their property 40k under value to her brother, just so my partner received no equity, but we know between her and her brother something dodgy was going on as her solicitor originally said it was being sold for 122k, so my partner agreed to let it goes for this price as long as he was free from this loan. We don't know which way to turn for the best? Any advice we would be so grateful for
nothing actually in writing, she said in front of the solicitor she would fax over details over on how she way paying the loan off...so assumed she had done it. Solicitor never told us otherwise, we only found out she hadn't paid it off when she called and said she wanted help paying it!!!
18k loan with an ex partner
Posted - 30 September 2008 : 14:26:59
