He is seriously considering an IVA as he has been advised that he will still be liable for the approx £3000 unpaid rent. However, I have read that even if he gets the IVA the creditor (ie. the landlord) can choose to go after the other joint tenant to reclaim the money ie. me.
I am very annoyed that he has allowed this situation to affect me, I have paid my share of the rent on time via standing order for the life of the tenancy! To what extent am I potentially liable for his debt?
From what research I have done I fear that I am indeed liable for the unpaid rent & council tax (but obviously not his credit card debts etc). Am I correct? If so what can I do about it fast!
How could this affect my credit record? I am currently thinking of buying a house in the next 2 years. If there anything I can do to protect myself? I do not have £3000 and so would not be able to pay the arrears.
He also said that an IVA takes 2 weeks to set up, although I read more like 60 days, is he misleading me?
Any advice greatfully received as I am getting more worried where I stand by the day! Thanks.