www.iva.co.uk

can we put joint debts into iva

Joint debts must be listed whether one or both parties enter the IVA. One party can remain outside the IVA and continue to repay the joint creditors if this is affordable. Any IP firm will do an income and expenditure account and advise further.

me and my wife want to do joint iva and put all our debts together with one payment a month to cover both debts is this possible thanks

This is possible and quite common. However before you do that the IP would need to look at the list of debts and income and expenditure. Sometimes for example one party takes on most of the debt and the other does not need an IVA but if this is not the case it is common to do a proposal for both parties. Technically it is not 'joint' but interlocking but the reality is that you make one payment and all the debts are listed.

I hope this makes sense so get some free advice from an IP firm and good luck with the proposals.

thanks do we have control over our bank account we have no assets or savings we have joint account my wife does not work we have 2 children 7and 13 do we have to set up separate account for iva payment to come out we have my wages my wifes tax credit and child benefit all going into one account

Hi Alan. As long as the bank isn't one of your creditors you should be OK (providing it isn't First Direct or HSBC). Some banks will put you on a basic account.

You can effectively treat the IVA payment as a 60 month loan repayment and how you wish to pay is entirely your concern. Your IP should not act as 'Big Brother'.