Joint IVA Agreements

What is a Joint IVA (Individual Voluntary Arrangement)?

For couples that are experiencing debt problems one possible solution is to enter into a Joint IVA.

Individual Voluntary Arrangements offer a way to restructure unsecured debt repayments into a more favourable and legally binding agreement. Joint IVAs are intended for people who have shared debts and living costs. They are in fact registered as two separate IVAs but are treated jointly from an administrative point of view. If one part of the Joint IVA fails then it is likely that the half will fail too.

Why choose a Joint IVA?

If you and your partner are in debt then there are a number of reasons why you may choose to agree to a Joint IVA -

  • A combined IVA can significantly reduce costs when compared to two separate applications. In some cases this reduction in costs can be sufficient to allow IVAs to be agreed that wouldn't have been viable if being proposed separately.
  • If you have shared debts then entering into just a single Individual Voluntary Arrangement wouldn't eliminate your partner's liability to it.
  • Your debt repayments will be reduced to an affordable amount based on your income and expenditure.
  • You will become free from debt after a fixed period of time, usually five years.

Get help with your Joint IVA

To find out more about whether you qualify for a Joint IVA and if it is the best way for you to clear your debt problems simply call Royal Exchange today on freephone 0800 028 4422.

If you would prefer one of our debt advisors to give you a call simply complete our enquiry form.