Iam looking into geoing into a joint IVA. My partner has debts with lloydstsb and actually works for them but i have been told that because of this we wouldnt be able to have a joint IVA, is this true?
Hi
If your partners debts with Lloyds are more than 75% of her overall debt then I believe that Lloyds will decline.Also she will need to check the terms and conditions of her employment to see if entering into an IVA will affect her employment
Regards
Not for those reasons, but as Andy says if the debts exceed 75% of the aggregate then this is unlikely to be accepted.
If your partner has a modest debt with their employer, this could be excluded on grounds that this would affect their employment, but this would have to be specifically disclosed to the other creditors and your IP would need to demonstrate the justification for this.
Yes you need to identify what your individual and joint debts are before appropriate advice can be given.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Is Lloyds TSB your only creditor and do you have any other unsecured debts.
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
With such low individual debts, it might be more favourable for you both to look at properly managed Debt Management Plans to whether you could pay your way out of the current problems with sensible budgeting.
Yes Melanie is right - try a reputable debt management firm first as a starter.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
