We started our IVA 3 years ago with Debt Matters, now with Grant thornton.
With DM it was classed as a joint IVA, now Grant Thornton seem to have seperated them, can they do this?
If they are deemed seperate now and we make a Full and final on one, my wifes as hers was considerably lower original debt than mine what would could we expect from the IP?
I think you would probably need to check the terms of the arrangement, with your current IP.
I'm not sure there can be a joint IVA?
Two sole arrangements can be run as interlocking and I suspect this might be the case with yours?
You are going to need to check the terms of the proposals -
Was there a term incorporated in to the two individual arrangements that said the success of Mr caknight's arrangement was dependent on that of Mrs caknight also being successful?
Did the proposals state that creditors in both arrangements will be treated equally with joint creditors proving once?
How are you paying your contribution each month? Is it in to one account? Your standing order mandate should be able to tell you that. If it's in to one account, then I would hope the terms of the arrangement will say that creditors in Mr's arrangement rank equally with those in Mrs'arrangement and any joint liabilities would prove just the one.
If you are paying in to two separate accounts it would suggest that the two arrangements are being run separately. It is difficult to tell if this is likely to present you with any issues, without seeing the actual proposal documents themselves.
I think the only way to clarify this is to speak with your IP and suggest that you are wanting to make an offer in full and final settlement and to ask how best it should be done. That should also give peace of mind.
Hi
All IVAs are individual but some can be interlocking and paid with one monthly payment [very common].
If you pay off one it could be argued that you will increase your disposible income and may have to pay more into your own.
Do take advice from your IP
Regards
Ah, right, we have two seperate standing orders into the same account with different reference numbers attached to each. This would I assume indicaye they are seperate, as far as I remember they weren't dependant on each other. We asked DM for estimate for a full and final and they did provide us two figures but that was at least 18 months ago. The paper work does state that it is a joint IVA though and we only fill in one IE for any reviews that we get.
Hi it does sound as though you have two seperate and non mutually dependable IVAs. They were probably described as joint for ease of explanation.
The IVAs will be described as joint as you are talking to a great extent about the same assets and the same income and expenditure arising from the same household. I would not be surprised if the required payments made into each IVA account (indicated by the different reference numbers) are calculated as a direct percentage split of your surplus income. For example 60%/40%. Using such a percentage your IP will be able to easily allocate any increase of surplus income to each arrangement.
If this is the case then you could make an offer in full and final settlement on one of the IVAs however as Andy rightly says it could be argued that if your wife say completed her IVA then your surplus income had increased, thereby negating any benefit to you as a family. Also, unless the money became availabe from a third party such as a relative, then there could be an argument that you were both entitled to the money and as a result so were your individual creditors.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Ours is the same. We have two seperate standing orders and two seperate IVA's. We only do one I&E though. Don't suppose there is any point in doing two if you are living in the same house and paying the same things out.
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