Am sure its on here somewhere but I am at a loss as to where !!!
My question is about IVAs in joint names etc. My wife and I both have debt, but although its 'household' debt its only in sole names rather than joint. If we went down the IVA route how does that work out ? I have been told about interlocked IVAs but in sole names. Does that effectively mean we would have an IVA each for the debt in our sole name ?? or do they take the household debt and split it ??
You each have separate IVAs that can succeed or fail independently, but they are proposed together and only accepted if they are both accepted. That way you can make a single monthly payment between you.
If your proposals rely on each others disposable income (i.e there is not enough between you to do 2 separate IVAs) then your proposals would be interlocking. If there is and the D.I can be split then your prpoposals would be 2 IVAs.
Once you speak to 2 or 3 professionals for advice it will all become clear. All you need to worry about is how much can you afford to offer between you.
If you haven't already then give some companies a call to get some free advice and see what your options are.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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It rarely makes any difference to you whether the IVAs are presented on an interlocking basis or as individual proposals based on individual contributions being made. The latter process should always be used where it is economic to do so, given the effect of an individual's contributions towards their individual debts.
