Can my husband and I pool all of our debt into a joint IVA, even if the individual cards / loans etc are in different names? And will our current account bank status be affected? (will we still be able to keep our current accounts as normal?)
You can do this, but only if completely separate IVAs would not be possible on their own. Seek advice from an insolvency practitioner who will be able to guide and advice on the process in both scenarios.
With regard to the bank account, so long as you have no debt with that particular bank you ought to be able to retain it, however this will depend upon the decision of the actual bank. Some banks are no longer favourable to allowing banking facilities to people in IVAs - shame on them for taking such attitude!
If you do need to switch bank accounts, you may still get a current account as long as you make the switch soonish. I managed to get a Lloyds current account when i was early in the proposal stage. Mel is a fab IP and it would definitely be worth while chatting to her about your specifics if you haven't found an IP yet! Alternatively, you could look at www.iva.com which is a comparison site. Ask away if you have any more questions!!! P.S. Welcome! x
I think that they are normally called interlocking IVA's, so that you make one monthly repayment but the debts are split to show the proportion between you. That's the type of IVA that my husband and I have.
We are all in the gutter but some of us are looking at the stars - Oscar Wilde. My blog: http://car1e.blogs.iva.co.uk/
Welcome to the forum Jen. If you do need to change your account whoever is advising you will be able to give you a list of current accounts that you can choose from.
Once you have talked through yours and your husbandf situations it will then become clear which is the best way forward for you both but rest assured there will be one.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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My wife and I have applied for an interlocking IVA - basically 2 IVAs administered as one, they use the same Income and Expenditure details etc. It was essential for us as my wife wouldn't have had a viable case for an IVA on her own as her disposable income is very small.
Otherwise known as "Tom". [:)] IVA proposal currently being drafted by Liberta Financial.
