IVA, joint debt and default

[taylr14]

Hi new to this forum so bear with me if I ask something already covered.

A bit of background. I am going through divorce my ex has decided he is unable to work and is currently taking out an IVA (or going bankrupt) so that he gets 50% of assets.
When we split he agreed to take one of the joint debts and I the other.

50% of assets will not cover his personal debt.

I am aware that I will have to "pick up" the joint debt - however I have checked my credit report and discovered I am in default on the joint loan he took - can I do anything about this?

If not how long will a default notice affect my credit rating for?

Also he has taken a large directors loan out of our joint company (ltd) before he left. He is refusing to acknowledge this even though I have a signed account witnessed by our accoutant.

This directors loan is larger than 10% of his personal liabilities.

What are the consequences of him not acknowledging this in his IVA?
What are my options?

I don't want to sound vindictive or revengeful it is just that I want to minimise my liabilities and protect our childrens future.

Any help gratefully received.

[sequenci]

Hello there.

One thing to consider is that you both have joint and several liability for any joint debts, this means that either one of you can be chased for the full amount. If he was to go bankrupt it would release him from the liability and you would be chased for the full amount.

Is he still a director? If he was to go bankrupt he would not be able to remain one.

The LTD loan, was there a personal guarantee?

[taylr14]

The ltd loan is him drawing cash out of the company. So in effect he owes the company money. And that money is needed to pay corporation tax!

He is still a director - but doesn't seem concerned at losing that as in effect the company is closing down as he no longer works for it and I am setting up elsewhere.

Ideally I would like to close the company cleanly with no debt etc - but that will mean my paying back some or all of his drawings.

[sequenci]

Eek, it is slightly out of my remit.

Give business debtline a ring (free and v.good!)

0800 197 6026

let me know how you get on?

[salamanzer]

Same problem here! My partner started an IVA - our joint account was included in the IVA, they chased me for the money - which i paid and they defaulted me as a thank you.

This i think is unfair but thats life.... its good to know that NatWest has wrecked my credit file for 6 yrs, and after i paid them too.

My advise dont touch NatWest!!!

What is worse - they didn't apply the default until 13 months after i payed the bill .... and shows on my file as an outstanding amount because they say that charges needed to be applied to the account due to unpaid DD's etc ....