Is it possible to enter an IVA as a couple?

[james]

Is it possible to enter an IVA as a couple i.e husband and wife as
some of our debts are with the same creditors
many thanks

[neverending]

HI
It is very common to enter into an IVA jointly.However your IVAs will actually be SEPERATE[this is why they are called "individual voluntary arrangements"] but managed together with one payment.The cost of arranging and running your IVAs will be met from paymeemts that you make to your IP and it is better for the two of you to use the same IP.As your IVAs have to be seperate you will BOTH need to secure 75% of your creditors votes otherwise ,even if one of you are accepted for an IVA ,your creditors can pursue the other party for the full debt[only if it is a joint debt].
Speak with a company on this site.
Regards

[scaredkez]

hi neverending i never thought about that in my iva as it is joint we have never been told whether my hubbies had been approved or not he only had 4 creditors
kerri

[neverending]

Hi
If you check your creditors meeting report you will see that both of your debts are listed and voted on seperately.You will also both be listed on the insolvency register seperately.

[Oliver]

All good points by Neverending.

If you unsure about whether your husband's IVA has been accepted the best thing to do is ask your IP. It is very unlikely that your IP wouldn't have told you if one of your IVA's had been rejected.



Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[scaredkez]

thanks to you both for your replies i would love to check the report but they haven't bothered sending any paperwork back to me at all, i have telephoned several times but it rings non stop, i am not using them anymore as we are going BR and i don't think they were pleased that i wouldn't let them arrange a DMP with their sister company debt councillors.
kerri

[Oliver]

Your welcome.

Good luck with everything in the future.



Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[scooby]

Hi my wife and I did a joint IVA and out of our six creditors only two voted both of these were debts in my name and not my wifes but our IVA was accepted so can somebody explain please

[james]

can you have a joint IVA between husband and wife. Also I have one creditor who has applied for a charging order on the house we are living in, how would this affect an IVA

[jamesfalla]

Hi James

If one of your creditors is applying for a charging order against your property, this could potentially be VERY serious. If a charging order is put in place, this means that the debt will change from unsecured to secured. As you know, secured debt can then NOT be included within an IVA. If this happened, you would have to start making the monthly payments to the creditor or your house may be at risk. In turn this will reduce your secured debt and disposable income and may make an IVA with the rest of your creditors impossible.

If you are currently going through the IVA application process and believe that a creditor is applying for a charging order, you must inform your IP immediately. They will need to get the IVA approved before this happens.

If necessary, your IP can apply for an Interim Order on your behalf. This will halt all creditor action (including the charging order application) and give a breathing space of 7 weeks so the IVA can be applied for and accepted.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

[DebtDummy]

Yes you can do a joint IVA. My husband and I have one in the making.
I have an IVA and he has an IVA but they are combined into 1 IVA.

As for the charging order. Well, funny you should ask because we have (will have)1 on our property. The court date is Jan 19th. Unfortunately we do not have the funds to prevent it because I am not working yet.IP charged £300 and we do not have that.

The unsecured loan will be turned into a secure loan and the debt will be secured onto your home just like your home mortgage. Although, it will lower the amount of your unsecured debt, you still have to make a monthly payment to the creditor or they can get nasty and do a forced sale. The amount you pay can be negotiated because they got what they wanted (their money in full by way of the CO) and will be abit more amiable to you. The secured amount will remain on your property until you pay it off or sell your house. Land Registry will be informed as well and you will be contacted by them.

Now, you can file an Interim Order yourself AND do it ASAP! You will need $35 each ( you and your wife) and you must hurry!! Contact the court house where it was filed and discuss it with him/her.The number is on the Charging Order documentation. Again, we could not afford too, but maybe you can so go for it!

I was informed by my IP that as long as we make the montly payments all should be well. The monthly payment decreased as well with this creditor. A great deal infact considering what the original monthly payment was.

All experts please correct me as I am speaking from experience of dealing with my own IVA.Can he file his own Interim order?

[MelanieGiles]

Interim Orders are always filed by the individual in debt, and not the IP personally, but the reality is that the majority of applications are actually handled by the IP on behalf of his/her client. So far as I am aware, the Interim Order fee is £130 across the board.

To reiterate earlier advice I have given on the subject of husband and wife IVA's they are separate arrangement which just have a linkage. There is no such thing as a joint IVA - unless we are talking about a partnership voluntary arrangement (PVA) for trading partnerships.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk