Question about Joint IVA.

[Angleparkinn]

We`ve been in a DMP for 3 months and whilst we`ve found it easier than we thought not having credit cards to buy stuff what we can`t stand is all the constant phone calls and abuse,especially as I suffer from IIH which is made worse by getting stressed out(it`s also the reason why we are in a mess as I`ve not worked for 10 months)we are with CCCS and I did the online debt remedy thing so never spoke to anybody at the time and just went with it`s recommendation.
It will take me about 10 years at least to pay off our debts,I`ve been reading this forum with interest but have a few questions as you do when your a newbie.
Are you allowed to do a joint IVA with your partner as I`ve not seen anything about them?
We pay 444 quid to CCCS and owe 53k to 7 creditors is that enough disposable income for a joint IVA,we could pay about another £100 if pushed.
Sorry for the long first post still in the can`t beileve we are in this mess routine.

[kallis3]

I'm no expert but I would think you would have enough for an IVA. My hubbie and me have just been accepted for separate IVA's. We were initially in DMP having been told we didn't qualify for an IVA. Check out a couple of companies. We are with Payplan and they have been brilliant for us.

[ianmillington]

Based upon your figures, and subject to the creditor profile, I see a high probability of you putting together an acceptable IVA.

Basically there is no such thing as a joint IVA . However, it is very common for 2 ivas to be put forward which, when approved, are thereafter interlocked and treated as one.

Ian

[Angleparkinn]

Hmmm...that might be a problem as the only credit my wife has applied for was a joint bank loan.
All the other debts(Credit Cards)I took out with just my wife being named the additional cardholder.[:(]

[ianmillington]

How much is the joint loan and, importantly, who is it with?

If the loan is large, then potentially that would justify her doing an IVA. If it isn't, then a clause could be put into your proposal whereby she is released from the debt in consideration for example of the IVA being funded on a joint income basis.

I suggest you contact an IP to discuss the details of your case. As I say, the likelihood of something good coming out is high, but it depends on a number of factors eg creditor profile, home ownership, employment types etc. etc. etc.

Ian

[rollercoaster]

if wife is additional cardholder, im sure this does not count as her debt. However i am sure you would be both liable to the joint loan. ie if you have loan for 10K you are both liable for the 10k debt each. if the joint loan is not that much, maybe dont do an 'interlocking IVA' you apply for IVA and wifes debt may be better serviced another way and if you are a homeowner that would protect her share of the equity in year 4 release clause.
im no expert though, im sure someone will be along to give you professional sound advice in a mo [:)]

[MelanieGiles]

Did the CCCS recommend the DMP route to you - and did you get any form of advice from this "charitable" organisation with regard to other options available to you such as an IVA or bankruptcy proceedings?

[Angleparkinn]

Thanks for the replies.
The joint loan is half paid so only around £6000.
As for CCCS never spoken to anybody about other options,I believe when you do the online debt remedy it recommends whatever they feel suitable and they will then only ring you 3months later to see how your getting on,so I guess I`m due that call soon.
Have been going through my budget and can`t see anyway that I could possibly do a IVA with all my debts and just my earnings so hopefully I would be allowed to include my wifes earnings as well?

[ianmillington]

You need to be talked through all of your options.

If it then makes sense for you to go down the IVA route there are 3 possible methods:

1. Interlocking IVAs - it might seem overkill to do an IVA for your wife but given that it will be only marginally dearer to do both of you it might make sense.

2. You do an IVA with a clause that releases your wife.

Both 1 and 2 will require discussion with the creditor concerned

3. IVA with both incomes but with provision for her to continue to make payments to her creditor. I note your wife was an additional cardholder so would it be a fair to assume that she too has benefited from the debt, albeit maybe indirectly? Creditors will probably make that assumption so would probably not be happy with a proposal that leaves her income out of the equation.

As previously indicated there are a number of things that need to be looked at before you reach that decision.

Ian