Hi, Can anyone advise me how a joint IVA works?

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Post by jennib » Mon Sep 06, 2010 8:12 pm
Hi, Can anyone advise me how a joint IVA works? My husband and I only have unsecured debts in our sole names, not joint. I understand that a joint IVA is where 2 run side by side using the same income and expenditure, but as my husband takes home at least £500 less and owes more than me I am worried that his IVA wouldn't be accepted as he wouldn't be able to offer as much as me to his creditors. Would the income and expenditure be worked out on a basis that as I earn more I pay more into that so he has more to offer his creditors? For exapmle, if our monthly outgoings were £1000 I would pay £750 and he £250 instead of £500 each? I'm confused because one company I called said that it didn't matter that they were not joint debts and all the money would go into a pot as such and divided between all the creditors, regardless of which of us the debt belongs to. I hope that someone could clarify this for me. I'm sorry if you've read this before, but it was in a post where I had asked other questions and they got answered but this was missed. I've only just talked properly to my husband about our financial situation and I want to give him all the facts before we take the dreaded plunge. Thanks so much


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Post by liverpig » Mon Sep 06, 2010 8:25 pm
I am in a joint IVA. Our joint I&E was worked out, our joint income calculated and a figure to pay all the creditors was agreed on. Our debts were worked out as an individual not 2 people, irrespective of who signed for the debt. Our separate incomes are treated as a single amount per month as are the payments taken by our IP. I hope this helps.

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Post by Adam Davies » Mon Sep 06, 2010 8:33 pm
You will just list your joint income and expenditure and the amount left over, joint disposable income, will form the one payment to cover your joint, interlocking IVAs
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Post by Shining » Mon Sep 06, 2010 9:26 pm
We're in a joint IVA and one payment from our disposable income as others have said.

Any other questions do ask as we're always here to offer help/advice/support. All the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by MelanieGiles » Tue Sep 07, 2010 1:13 am

I think that you are far better off taking some advice, rather than guessing what might be advised and explaining this to your husband in advance of taking advice. Whether the IVAs are separate or interlocking rarely makes any difference to our clients - only the creditors.
Regards, Melanie Giles, Insolvency Practitioner

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Post by Tina Shortland » Tue Sep 07, 2010 9:42 am
Hi Jennib, you are absolutely right to want the full facts before taking the plunge but count the plunge as actually making the decision which way to go, not making a phone call to start the ball rolling.

The first thing to do is call 2 or 3 companies to get some free advice in relation to your situation - all options will be discussed with you in full and any questions you have answered. You can also compare what you are told and see who you feel comfortable moving forward with.

No two IVAs are exactly the same so what worked for one family may not work for naother which is why you need to get specific advice for you and your husband.

Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.


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Post by liamjames » Tue Sep 07, 2010 10:23 am
The exact Arrangement makes a lot of difference if the IVA does not complete successfully, or if you later want to change the terms with a variation.

Whether an IVA is "joint" or totally separate shouldn't affect the fact that you can see and understand your own individual terms, and understand exactly what would happen if at any stage you stopped paying.

As Melanie says, take advice as soon as possible.

Good luck.x
Take care,

Liam James
Varden Nuttall

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
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