Yes, it is possible to apply for a joint IVA (Individual Voluntary Arrangement) with another person. A joint IVA is suitable for couples or business partners who have joint debts and are struggling to repay them.
A joint IVA allows both parties to consolidate their debts into one affordable monthly payment, which is distributed among their creditors. The terms of the IVA agreement are binding on both parties, and they are jointly responsible for fulfilling the obligations of the IVA.
It is important to note that both parties need to meet the eligibility criteria for an IVA, and their financial circumstances will be assessed together to determine the suitability of a joint IVA. You should consult with an IVA advisor to see if a joint IVA is the right solution for your situation.
To apply for a joint IVA (Individual Voluntary Arrangement), you will need to follow these steps:
- Seek Professional Advice: Contact an IVA company who can advise you on the suitability of a joint IVA. They will assess your financial circumstances and determine if a joint IVA is the right solution for your situation.
- Gather Information: Collect all the necessary information, including your personal and financial details, and those of your joint applicant (if applicable), such as debts, assets, income, and expenditure.
- Discuss the Terms: If a joint IVA is deemed suitable, the IVA company will discuss the terms of the IVA with you and your joint applicant, including the monthly repayment amount and the duration of the IVA.
- Create a Proposal: The Insolvency Practitioner will create a proposal outlining the terms of the joint IVA and present it to your creditors for approval.
- Agree with the Creditors: If the creditors agree to the terms of the IVA proposal, it becomes legally binding on all parties, and you will make regular payments to the IP for distribution to your creditors.
- Fulfil the Obligations: You and your joint applicant will be responsible for fulfilling the obligations of the IVA, which may include making monthly payments, providing regular financial information to the IP, and adhering to other conditions outlined in the IVA.
It is important to note that a joint IVA is a significant financial commitment, and failure to adhere to the terms of the IVA could result in bankruptcy. Therefore, it is crucial to consult with a Debt advisor before making any decisions about entering into a joint IVA