In a joint IVA is equity amount one overall figure ?

[Shane.hw]

Hi,I'm In a joint IVA with the wife.Paperwork is very similar throughout as all our outgoings are calculated together.The amount we pay back is obviously the same however when it comes to remortgage on year 5 it states that he also proposes to pay back x amount of money and the wife's says she also proposes to pay back x amount of money which is the same amount.My question really is,is it just the 1 figure we will pay back or will we both have to pay that amount(we were under the impression it was one overall figure as it's quite substantial and it's the same figure),my salary is higher than the wife's.Im also aware due to the current climate that we may be unable to remortgage and have to pay an extra 12 months contributions.thanks

[relieved33]

From what I have previously read on here the devil is in the detail and depends on the exact wording and often IP interpretation too.

What does your IP say?

[Michael Peoples]

This should have been explained to you at the time but contact your IP for clarification. It really depends on the proposals.