most of the debt is joint?

[b_h]

Is it possible that my partner and i enter into an IVA together as most of the debt is joint?

[MelanieGiles]

Hi bh and welcome to the forum

There is no such thing as a joint IVA, although your partner and yourself could enter into mutual and interlocking IVAs which are reliant upon each other. This procedure would be very suitable for you as most of your debts are joint, but if you did have the opportunity to propose separate arrangements (on grounds of affordability) then this would be the preferred route for creditors as they may get a higher return at the end of the day by receiving dividends from both estates. I suggest you take specific advice from an insolvency practitioner on this point.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[aguise]

Hi there Bh and welcome
We have the interlocking iva and for us it works well. The main difference is have one proposal ,one income and expenditure and one monthly payment. This was the best way for us as we had a lot of joint debt and we have always operated as one income. As Melanie says get proper advice as it may not be the best solution for you.

ang

Please visit my blog at http://aguise.blogs.iva.co.uk/