joint iva

[jim_h]

myself and my wife have combined debts of 17500 split 60% 40%as you useually need about 15000 of debt for a iva they said put your wifes debt to yours you can have one which we have got with df direct is it normal to add the two togother

[luluj]

Welcome - we had alot more debt than you however debt free direct completed an interlocking IVA for us both so that we only pay one monthly amount to our IP - they will then distribute amongst both of our creditors.

No disrespect but if you only have £17500 debt - is an IVA for you - would a DMP not be better ? What is your disposable income- is it more than £200 ???

An expert will respond soon I am sure -but think throughyour options -life in an IVA is not always easy!

[jim_h]

we have a iva with debt free direct joint if we had not joined the two debts togother they said we caoldnot get one singly

[MelanieGiles]

You cannot add debts together just to make one arrangement of debts totalling £15k. Your debts are your debt, and your wife's are hers. I do not feel that you have received appropriate advice in this regard, and would suggest that bankruptcy or DMPs might be a better option.

[jim_h]

i have my iva in front of me and the debts are some for me some of my wifes which total 17500 in total i am confused it clearly states it is a joint iva ref first post sorry have not made it clear i have the same as first post a iterlocking iva any way have not heard anythink for 4 months now as the total debt is 17500 between us both if we applied separtly would not of got one ! confused

[MelanieGiles]

Are you saying that you are already in an IVA and that creditors accepted this on the basis that you and your wife both have debts less than £10k? If IVAs like this are being put forward regularly, no wonder one firm's statistics are more than twice as high as their nearest competitor.

[goulda]

Melanie,

I am a bit confused my wife's and my debts were added together and I pay one payment of £757.00 per month (albeit two standing orders of equal amount - £378.50 each one) our debts total £76,000.

[jim_h]

yes i am allready in a iva my wifes debt is 5660 mine is 9300 and 3500 joint as per my iva ie first party secound party and joint

[jim_h]

melanie thanks for all the help you have given me but as my debt is 9300 wifes 5660 and 3500 which is joint overdraft it seems it may not be the best having a iva as i have not heard from my iva for 4 months now can i inform them i intend to fail it as i dont get any reply and what happens do they add a lot of charges or is the origanal debt the same can i inform them i no longer want it and will change to a dmp or other arragement

[MelanieGiles]

To Goulda - you and your wife have mutual and interlocking IVAs which are individual to you, but where you benefit from just paying one combined payment. This is permissable and actually quite normal these days.

My point to jim was that neither he or his wife individually fit current accepted IVA criteria, yet they have had IVAs accepted by creditors - albeit on a very small scale. If this is now acceptable to creditors, I will be reviewing my own acceptance criteria in future!

[goulda]

Thanks For that Melanie as I was unsure.