I am in a joint IVA with my partner.
I maybe coming into some money and was given a figure by IVA company to pay off my debt. However now I have been told that I have to pay off the whole amount but I will not receive enough for this.
You will be in an interlocking IVA, not a joint one.
Once you know how much money it is then you need to speak to your IP company.
You will always owe the full amount until the end of the IVA plus fees and possibly statutory interest. You will continue to make monthly payments if the amount you receive won't pay this off.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think in interlocking ivas that you are still liable for the full amount of any joint debt, is this what they mean? You cannot be made to pay off a debt if it's not yours.
I think I am in a joint one not an interlocking one because when I asked the IP about what I would have to pay Michell Farrar who I was with at the time said I would only need to pay mine and the joint ones. Now am with Creditfix and the are saying I have to pay my partners as well.
No, there is no such thing as a joint IVA - it will be interlocking.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is no such animal as a joint IVA ( the I stands for individual). They are interlocking, and can be separated, with a little work from the IP, to finish one and leave the other running. Any joint debts will be paid off by yours, if the windfall is enough, and then removed from the other IVA. Awkward, but possible.
CF always try the path of least resistance first, and often change tack when challenged (the joys have having a newly enlarged client base).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You can ask them - if you cannot clear both them ask them to do a full and final for yourself and let your partners continue to the end.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You could ask -- but I doubt they will agree unless it covers the full amount of your original debt and fees. There is also the possibility of them adding on statutory interest at 8% p.a simple, although this liability might already be excluded ( check your proposal for any mentions of statutory interest ) or the creditors might agree to drop this ( many have done in the past when asked ), which might bring the settlement figure down to within the reach of the windfall.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I had asked Michell Farrar and they had agreed to do that and have given me a full and final settlement fee and agreed for my partner to carry on in the IVA but now Creditfix has taken over and they say this can't be done. Help plz
Speak to someone in authority there rather than a case handler.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You can insist on it - the IVA's can be separated.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Myself and my partner have interlocking ivas and before we went to aperture was told we could clear one off and keep the other depending on our circumstances, we've not asked aperture yet but as we have different creditors both of ours have to be dealt individually basically as our ip will need to do 2 meetings for our full and finals from what we have worked out ourselves.
