My wife and I are in the early stages having submitted all our documents to Melanie's team and awaiting our proposal. One thing bothers me slightly. I assumed that we would have a single IVA for both of us as we have joint accounts, shared expenditure and equal responsibility for getting ourselves in the pickle we are in. From reading the forum it seems that couples have separate IVAs. Is this always the case? If so, is it possible that one partner can have their IVA accepted and the other refused (which sounds a nightmare!!), different terms and conditions etc etc.??
Hey John, you will both have to have individual IVAs but they will interlock. There have been a couple of people on the forum who had there's rejected but their partners was accepted and vice versa. I'm sure Melanie wouldn't put it forward if it wasn't a good proposal though. Good luck with your proposal. X
Thanks, Vicki
Presumably that means there will be 2 separate payments and each are individually reviewed? e.g. if I get a pay rise my IVA payment may be adjusted but not my wifes? Seems to me that it would be much easier for all concerned to lump everything together but maybe this is a legal requirement?
Hi
They are seperate IVAs on paper but in reality are joint.One payment and one review each year.
Any payrise will be reflected in a joint income and expenditure sheet.
You are in safe hands
Regards
Hi John. My hubby and I have interlocking IVA's and as Andy says, we pay one monthly payment to Melanie. When the paperwork comes through, your paperwork will be seperate and so will your Chairman's report when you are approved (although all in the same envelope), but the same set of I&E is taken into account. Your Chairman's reports will list your own debts with any joint debts also. Hope that helps, and good luck to you both. Rgrds Kazzy x
There is light at the end of that dark tunnel. Promise.
There is no such thing as a joint IVA - just individual IVAs where creditors share the same money and thus dividends. My preferred route is always to try and propose individual cases, based on individual circumstances, however where debts are high and disposable income is low, this can often not be cost effective or attractive for creditors.
Don't worry John, it is actually quite rare to find that one partner's IVA is accepted and the other one not accepted - but this does also happen if the proposals are presented on a "mutual and interlocking" basis.
Wow!! - I've just noticed I've been promoted from an "IVA New Member" to an "IVA Novice" and collected a blue star in the process. This is heady stuff - where will it all end? Think I may put in a bid for Manchester City!!!
Hi
Sorry to bear bad news but our ivas have been rejected due to my husbands largest creditor rejecting his.
Therefore as on paper they were interlocking they have both been rejected.
i am now waiting to find out if i can do an iva and my husband a debt management plan
hope this helps
sharon xxx
That's what we would have done if mine had been rejected. My dividend was much lower than hubby's, so there was no guarantee they would have accepted it.
If not, I would have done a DMP before trying again after a few months.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
