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What is an IVA

Can we get a joint IVA?

IVA stands for individual voluntary arrangement, meaning that the arrangement relates to just one individual.

This means you wouldn't be able to get a joint IVA, only an indivdual one.

You need to think carefully about an individual voluntary arrangement because it can affect different areas of your life, including your job, home and your ability to get credit in future.

Considering an IVA?

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What are interlocking IVAs?

You can’t get an IVA in joint names. But if the best solution for both you and your partner is an IVA, you can each set up an IVA

These can be linked or ‘interlocking’ IVAs where they’re administered together and you make one joint payment between you. This helps to ensure that the contribution each person is making to their IVA is affordable, taking into account the amount both of you are paying into the household.

Can joint debts be included in an IVA?

If you have a joint debt and enter into an IVA, the other person named on the debt will still be responsible for making payments towards it. If you have some of the debt written off in an IVA, the other person will still be asked to pay the remaining money back.

But if you and your partner both have an interlocking IVA, any joint debts you have will be included in both IVAs. The joint debts will get a payment from the interlocking IVAs and once they’ve ended anything still owing to the joint debts will be written off.

If you have joint debts and are thinking about entering into an IVA you should contact us for some advice first, so that we can let you know how it’ll affect you and the other person named on the debts.

Get free IVA advice

If you need more information about an IVA, you can get free, impartial advice from us.

Our online debt help tool can recommend the best debt solution for your situation and tell you if an IVA is suitable for your circumstances.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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