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Posted: **Mon Jun 04, 2007 4:25 pm**

Can you apply for a joint IVA? My partner and I run all our finances together but the debts are split (my partner 27,000 personal loan and 11,000 to marbles plus £400 to next) and mine are 8,000 to egg, 3150 to hsbc, 8000 northern rock and 3,000 alli/leic. Would we both have to apply seperately??? Also, what would happen as the 27000 personal loan/8000 personal loan are with northern rock as is our mortgage. - would it affect our mortgage???

Posted: **Mon Jun 04, 2007 4:59 pm**

Hi there and welcome
There is technically no such thing as a joint iva but having said that two iva,s can be intertwined through the proposal, everything is assessed jointly income, expenditure and there is only one payment . My husband and I have one like this and it is working well. We are like you incomes have always been put together and we live as if one wage.The creditors vote though as if two seperate iva,s therefore you and your husband would both need 75% each of the vote. On occassion one has been accepted and the other not. Hsbc and northern rock tend to have higher expectations than a lot of the other creditors in that they dont accept less than about 40p in the pound. As for the mortgage side i'm not much help dont understand them as I have never had one. If you dont mind can you post your income and expenditure (excluding debt payments, just what you need to live include everything) and what equity there is in the house then I am sure Melanie or someone with more expertise will advise.

Hope that helps a little

Ang

Posted: **Mon Jun 04, 2007 5:27 pm**

Similar situation to myself Ang.
We are treated as being seperate including the Court documentation.

Our joint loans were included on both.

However our settlement is coming out as one figure.

Hope that helps

Posted: **Mon Jun 04, 2007 5:56 pm**

Hi umps

Just to confirm Ang's perfect explanation of "joint" IVA's which actually do not exist - only "joint contributions which all creditors share from equually.

You will need to check with Northern Rock as to their attitude towards your mortgage, as their small print confirms that mortgages become fully redeemable upon the entering of voluntary arrrangements. I think that this is rarely, if ever, enforced, but best to check to be sure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk