IVA question

Legacy_user

can you do an IVA as a couple ? between us we have approx 19k in debts not including house + car. at the rate we are paying it will never be over so im considering biting the bullet and starting the IVA process.

snicz

Firstly, unfortunately it isn't your choice as to which means of resolution is available to you, the IP decides on your situation.

Your situation sounds similar to ours. An IVA is an individual thing and will be drawn up separetally for each of you and go to court on the same day.

HOWEVER, as with us, I am the only one who brings in an income so in effect, pay for them both as part of the agreement.

So, it feels like a joint IVA but it is not. It will be two seperate ones and payed for by one or both of you. We are with Payplan, 7 months in.

I hope this helps and I will be glad to explain anything else if I can .

Charco_2

Firstly, unfortunately it isn't your choice as to which means of resolution is available to you, the IP decides on your situation.
Actually your IP explains the options that are available and it IS your choice as to which one you go for.

Your situation sounds similar to ours. An IVA is an individual thing and will be drawn up separetally for each of you and go to court on the same day.

HOWEVER, as with us, I am the only one who brings in an income so in effect, pay for them both as part of the agreement.

So, it feels like a joint IVA but it is not. It will be two seperate ones and payed for by one or both of you. We are with Payplan, 7 months in.

I hope this helps and I will be glad to explain anything else if I can .

That kind of sounds like two IVAs, not a Joint IVA - which is strange because it means your IP earns two fees instead of one... there may have been other reasons for this however!

Yes you can have joint IVA, the requirement would be that you are BOTH insolvent! £19k doesn't sound a lot between the two of you so may be you're not insolvent but obviously no-one could know with out a bit more info - it's worth finding out (or posting more info here).

If the £19k is all on joint debts then of course you could be insovent but if it's £3k for your wife and £16 for you then that's a different matter.

Please post more info!

snicz

Sorry if I have given you inaccurate information? I was just saying what PayPlan told us.

If this is the case then perhaps we were mis-guided!

If there is a joint IVA available, it is possible that my wife and I were given incorrect details and could be going down the wrong path?

We both owed around the same amount both individually and joint but Im the only one earning...should we investigate this Charco?

Thank you and sorry for butting into someone elses post. x

Charco_2

Hey this place is built on the helpful posts of experience and support - it would not be my intention to discourage anyone from posting their tuppence worth...

I dont know enough about your situation to anything meaningful one way or other but from the descirption you gave it sounded like TWO IVAs when one Joint IVA would have been suficient! You cannot have a joint Trust Deed in Scotland but you can have a joint IVA.

However there may have been a valid reason for there to be separate IVAs. Obviously your IPs earn two fees so it suits them but it might suit your creditors too like

- Perhaps you didn't actually have joint debts OR
- If you owned a home solely in your name and would at some stage be realising the equity solely for YOUR creditors

Just seemed strange but doesn't mean it was!

memberme

You can't have a joint IVA. You have 2 that run side by side as one. But 2 seperate IVA applications would be submitted to creditors. They would obviously be aware of both at the time and usually both are voted on in the same meeting