Joint IVA or individually?

3 posts Page 1 of 1
Post Reply
 
 

flowerpot

User avatar
Posts: 143
Joined: Fri Feb 22, 2008 11:27 am
Location:
Post by flowerpot » Thu Mar 06, 2008 9:41 am
Quote
Hi There,

My husband and I both owe money, some of it individually though we have a couple of joint commitments too.

My query is, will we need to have two seperate IVA's and therefor be charges two lots of IP fees, or will there just be one agreement?

This also affects the balance of who we owe the money to, I would owe mostly to the HSBC whereas my husband would have a mix, and HSBC would not be his main creditor. Would this mean that I have to meet 40p/£1 + but would my husband be in a position to make lower offer?

Regards
flowerpot
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Thu Mar 06, 2008 9:47 am
Quote
Hi flowerpot

It will really depend upon your actual circumstances. IPs should always propose separate IVAs if it is possible to do so, and the fees should therefore be halved across the two cases. Sometimes, when both parties in a relationship cannot afford to do stand alone IVAs, the IP will suggest joint and interlocking proposals which are mutually reliant on each other, and result in one combined payment being made and creditors sharing an equal dividend.

What has the IP who you have chosen to represent you advised in this regard?
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

flowerpot

User avatar
Posts: 143
Joined: Fri Feb 22, 2008 11:27 am
Location:
Post by flowerpot » Thu Mar 06, 2008 10:07 am
Quote
Hi Melanie,

Thank-you for your consistant and responsible advice. I have filled in an enquiry form on your website as i would like to discuss further with you. I contactable at home this morning and look forward to hearing from you.

Regards
flowerpot
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for march”