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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 individual 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.
They aren't available if you live in Scotland. In Scotland, a protected trust deed is a similar solution, but has different benefits, risks and fees associated with it.
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.
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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.
You can only get an IVA with the help of an insolvency practitioner. StepChange is an approved organisation to manage IVAs.
There are no up-front fees, and we won’t charge you for debt advice. Once your IVA is set up, there will be fees set by your creditors, which you’ll pay in your monthly repayments.