2 IVAs been suggested, one for me and one for the wife.. is that really necessary?

zAndy1

Hi,
I've been speaking to FCL (payplan) tonight and they're going to forward my details on to Shaws insolvency re doing an IVA. The thing that has surprised me slightly is that I was told that 2 IVAs would be set up, one for me and one for my wife. Now my wifes individual debts total approx £6000 (I think that's the max it will be) and she has a joint loan with myself which has approx £19000 outstanding (is that debt split 50/50 making her total debt £15500?). By my reckoning she's borderline for qualifying for an IVA anyway (min £15000) but I wouldn't have though doing 2 seperate IVAs and incurring 2 lots of IVA charges was a particularly good idea anyway! I'm pretty sure debt free direct are doing it as 1 IVA although I have to admit I haven't explicity asked that question of them. Does anyone know if the IVAs have to be seperate (by their name Individual Voluntary Arrangement it kind of suggests they can only be in one name)? I'll ask debt free direct tomorrow but just wondered if anyone knew the answer as it's bugging me a bit now, 2 IVAs came as a bit of a shock to be honest!

Xbigman

I thought that if you defaulted on a loan in joint names they simply went after the other person (an IVA is effectively a default). So the day your IVA goes through you wife gets clobbered with the whole 19,000 (+6000 own debt) so its now 25,000 in her name.
Regards



X

zAndy1

But they can't count the whole amount twice surely? Assuming we do an IVA in joint names they won't count the £19000 twice when calculating the total debt surely? Need to talk to FCL / DFD I think!