Joint IVAs - What is a Joint IVA?

A Joint IVA also known as an Interlocking IVA, is an IVA application where two people make an application for an IVA together usually with shared debts, but it can also be just one of the applicants who has the debt.
Joint IVAs are commonly set up by a Husband & Wife, or Partners, but you do not have to be in a relationship to set up a Joint IVA, they can be set up by any two people on a shared budget.
A Joint IVA is 2 Single IVA applications made at the same time, but as the paperwork is done at the same time there can be a lot of money saved in the costs of setting it up. A Joint IVA increases the chances of the IVA being accepted as two people are responsible for paying back the debt instead of one. However it should be noted that Joint IVAs are dependent on each other and if one of the Joint IVAs fail it is likely that the other one will also fail.

Criteria for a Joint IVA

There is a set criteria you must meet when applying for an IVA with IVA Northern Ireland. Anyone who meets this criteria for an IVA and has all debts solely in their name or jointly with another person can apply for an IVA. The criteria for IVA Northern Ireland is…

You have Debts of over £15,000
You have 2 or more creditors
You are struggling with your Debts
You have at least £200 to offer creditors each month
Have a Wife / Husband / Partner that you share joint debts with

If you meet the above criteria a Joint IVA may be the right debt solution for you and you could have a large portion of your debts legally written off.

Apply for a Joint IVA with IVA Northern Ireland

To apply for a Joint IVA you can call us free phone on 0800 043 3328 or visit our contact page to view our various methods of contact. If you would like some instant advice you can chat to an advisor anonymously right now by using our online chat console by clicking here.

Once you contact IVA Northern Ireland we will carry out an income and expenditure analysis which is a financial review of all your incomings and outgoings. Doing this allows us to work out your monthly disposable income; and therefore work out the amount you can realistically afford to pay each month into your IVA.
At this stage we can also work out how much of your debts you can afford to pay back and how much needs to be written off. To get an idea of this before contacting us you can use our Debt Calculator form on our website which lets you work out how much you are spending and how much you have left each month.

Once we draft up your IVA proposal we will send it out to you so that you can review it and sign it. We then contact your creditors with your IVA proposal. If the IVA proposal is accepted you will start to make the payments as agreed in the proposal. When you complete your IVA payments the remainder of your debts will be written of and you will be totally Debt Free.

In some cases you IVA proposal may be turned down, read our Rejected IVAs section for more information. Don’t worry though IVA Northern Ireland still has other options available to you, click here to read about the other debt solutions we offer.

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ivanorthernireland.co.uk is owned by McCambridge Duffy, who provide free debt advice on a variety of debt solutions. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. In the IVA our fees are included in your monthly payment to your creditors so you will not have to pay anymore than you can afford. More suitable debt solutions may be offered which may result in different fees applying and we will discuss those with you during your initial consultation. Read further information. Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts.

Acceptance of your IVA cannot be guaranteed but we will do our best. You must meet certain criteria which will be discussed with our advisors. Where we put a client forward for an IVA we believe they have an excellent chance of being accepted. Debts will only be written off where a client has made an agreed payment for a fixed period. In return the creditors agree to write off the remaining balance. Typically, our clients average debt write off is between 60-70% of the debt. What debt you have written off will depend on your individual circumstances and is subject to creditor approval and completion of the IVA. Your credit rating may be impacted for up to six years from the commencement of you IVA. Homeowners may be required to introduce equity if available.

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Joint IVAs - What is a Joint IVA?

Criteria for a Joint IVA

You have Debts of over £15,000

You have 2 or more creditors

You are struggling with your Debts

You have at least £200 to offer creditors each month

Have a Wife / Husband / Partner that you share joint debts with

Apply for a Joint IVA with IVA Northern Ireland

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