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Joint Loan: Soon-To-Be-Ex-Wife Seeking An IVA

Good evening all,

My soon-to-be-ex-wife and I took out a joint loan in order to tie up some loose ends and to pay for some house repairs and renovation in 2007. When we split in 2009 we agreed that we would both continue to pay half each towards the monthly instalments in order to pay the loan off.

After a few months she decided she was no longer going to pay her share. I negotiated with the bank in order to keep paying off half of each monthly instalment - I cannot afford any more. For months she paid nothing back but has now negotiated a payment plan with a debt management company and the bank and is seeking an IVA.

If she is granted an IVA then I have a horrible feeling that the bank is going to come after me for the full amount because after all we are both 'jointly and severally liable' for the loan - this has already affected my credit rating. Is there anything that I can do to protect myself (I have already contacted Experian and placed a 'notice of correction' on my credit file) and my future plans? I am due out in October and am now getting slightly concerned.

I am also feeling aggrieved that since we split I have consistently paid half of each monthly amount without fail and it would appear that I am now going to be shafted. Can anyone point me in the direction of a 'cunning plan'?

Many thanks in advance

Short of taking out a whacking insurance & then burying her under the patio I think you're stuck with this repayment with it being a 'joint & several' liability.

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