can a married couple have a joint IVA?

[andrea m]

Is an IVA for individuals or can a married couple have a joint IVA? We have some debt in joint names.

[MelanieGiles]

Hi andrea and welcome to the forum

There is no such thing as a joint IVA, as by their very nature voluntary arrangements are individual. You can, however, propose mutual and interlocking arrangement which offer one combined monthly payment to all creditors - and this may well be suitable in your case depending upon individual circumstnaces. It would be worth chatting to an IP to see if this route is suitable for you.

[Locko]

Hi Andrea

My husband and I are doing an IVA through payplan. I think they said we would have individuals IVA's but they would go in jointly ie. one budget and one payment to creditors. Hope this helps and good luck x

[kallis3]

Hi Locko,

Ours is through Payplan and they are two separate IVA's. We sent in one budget, but they are two separate payments coming out on the same date each month.

[Locko]

Hi Jan

Thanks for this. I didnt realise that was what was going to happen but have to say I have only just starting sending in the paperwork so havent had my R3 phone call yet. Can I ask how you are finding them? Thanks Cathy

[Locko]

Sorry Jan do you mind me asking who most of your creditors where! Mine is Virgin, Barclays, Littlewoods, Empire, Grattan, Fashion World and my Husbands is Barclays, Northern Rock and Capital One. Barclays seems to be the main creditor. Thanks for your help Cathy xx

[kallis3]

Hi Cathy,

We've only been in ours since April, and haven't needed to contact them since then. Prior to that, we had no problems, our R3 call went through ok and it wasn't too long after that before our meeting.

Good luck with your proposal.

[trina]

Hi.

I'm just starting the process, what is an R3??

trina x

[kallis3]

Sorry Cathy, only just caught up with this post!

Mine were Barclaycard, Lombard Direct, HSBC (bank account and credit card), Lloyds TSB, GE Capital (store cards), Halifax and Direct Line.

Hubbies was HSBC (Bank Account), Halifax and Direct Line.

Most of ours didn't vote, and the only one who voted no was Lloyds and they were one of my smaller creditors.

An R3 call is just to make sure that you have been told exactly what your options are and that you understand what you are going to do.

[Locko]

Thanks Jan, will let you know how I get on but cant see our meeting be for a few weeks yet xx

[MelanieGiles]

Trina

I don't do "R3" calls - I merely call all of my clients and have a discussion about options and we will also ensure that all of the information provided is correct and that you understand the process. This may take place in one call or several depending upon the complexity of your case and your needs.