My Ex is doing an IVA - Joint loans --advise please

sorry to say but if you have taken this loan out in both joint names
then 'yes' you are liable for half.

In Canada, if you both signed on to the loan, you are each 100% responsible. If she does a bunk on payments, you'd be on for all of what is owing.

Thnakyou for your replies..

sadly exactly what I didn't want to hear!!

not sure what to do now

cant you ask her if she can refinance the rest of whats owing in just her name, because you dont want your credit rating jeopardised?

Have you contacted the loaning institution?

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What jurisdiction are you in Charlie?

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and welcome to Able2Know

I live in Enlgand!!

She has tried to get the loan in her name, but her salary will not allow for the size of the loan

I have not yet contacted the loan company

We've got a couple of British posters who have knowledge about finance - hopefully they'll be by tomorrow <or later today from your perspective>/

I just read up on IVAs (we don't have them - at least by that name - here in the U.S.) but I don't see anything that indicates that you would be.

An IVA isn't a bankruptcy and the creditors (if they accept the plan) are basially agreeing to accept whatever payments she agrees to make.

If they are agreeing to accept less than the full loan amount it would seem odd for them to still be able to come after you. Your defense would be their agreement to accept what they got from her.

That said, the UK's legal system isn't something I'm very famaliar with and you REALLY need to discuss this with a professional in the UK.

You do NOT want to contact the loan company! They are NOT your friend here.

another alternative is go and contact a 'budget advisory' person and they will sort out a budget plan for you or your ex, they will then inform the place where you got the loan from and mediate between you and the loan institution to come to an affordable payment plan ....