What is a Joint IVA?

A Joint IVA provides two people with a chance to apply for an IVA together.

In some circumstances, a joint IVA can provide a suitable solution to two people whose individual circumstances wouldn't qualify them for individual IVAs, if they had to stand on their own merits.

This type of IVA is also sometimes referred to as an Interlocking IVA.

Better Value For Money

A Joint IVA is very efficient when compared against two single IVA applications and, for this reason they are extremely popular with creditors.

The Insolvency Practitioner saves in time and effort by proposing a joint IVA because so much of the information is commonly related and these savings are reflected in the IVA costs.

In actual fact, to be technically accurate, a joint IVA is still two separate IVAs and appear on the IVA register separately. They are simply referred to in this way because they're supervised as a single case.

Who can apply

A Joint IVA can be applied for by any two people with a shared budget and, even though they're most commonly found within family units, this doesn't mean they are exclusive to married couples.

It's also worth pointing out that the individual IVAs are completely dependant on each other and if one of the IVAs should fail, there's a real likelihood that the remaining IVA will fail also.

It's for this reason that most joint IVAs are between couples. Generally speaking, a couple will have a greater incentive to successfully complete their IVA together, whereas two people who are simply sharing a rented property may not feel comfortable committing themselves to a 5 year agreement.

Apply For A Joint IVA

IVA.info is a 'Not for Profit' organisation that's been helping couples enter IVAs for over a decade.

All our advice is free, confidential and comes without obligation.

Please call 0800 088 7502 to speak to an IVA specialist or, alternatively, please complete this form and we'll call you back at your preferred time.

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