Interlocking IVA

A Joint IVA or Interlocking IVA is where two single IVA applications are made at the same time by two people. The IVAs intertwine and involve the people who shareor have joint debts together. These types of IVAs may be common among couples or spouses, but can be set up by any two people on a shared budget.

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.

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Criteria for a Joint IVA

There is a set criteria you must meet when applying for an IVA or interlocking IVA. 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.

You should have debts of £10,000 or above.

You should have 2 or more creditors.

You are struggling or cannot afford to keep up with debt repayments.

You have some sort of disposable income left over each month after all bills and other expenses have been paid

If you are applying for an interlocking IVA you should have shared joint debts with someone else.

Apply for an interlocking IVA

If you are thinking about applying for an IVA fill in the form on this page and one of our advisors will contact you to discuss your options.

When we contact you 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 what your payment might be 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 that could go towards your IVA.

If an IVA is your best option for dealing with your debt and you decide that you want to proceed, we can draft your IVA proposal. We will send it to you so that you can review and sign it. We then contact your creditors with your IVA proposal and they have the option to vote in favour of it or reject/suggest amendments. 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 your IVA proposal may be turned down, read about rejected IVAs in our IVA faqs section for more information.

An IVA Explained

An IVA explained

An IVA is a formal debt solution that helps you deal with unaffordable debt.

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IVA Examples

IVA Examples

Have a look at some examples of our recent IVA cases that we put forward.

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IVA FAQs

IVA FAQs

Read our IVA FAQs which should answer any questions you might have.

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IVA Testimonials

IVA Testimonials

We pride ourselves on good customer service. See what our clients have to say

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IVA fees

IVA fees

Your creditors allow us to take fees from your IVA payment for managing your IVA.

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Apply for an IVA

Apply for an IVA

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  • First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.

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In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011

ivanorthernireland.co.uk is owned by McCambridge Duffy who are one of the leading insolvency firms in the UK and Northern Ireland. McCambridge Duffy provide IVAs and other Insolvency solutions. On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, we will, with your permission, refer you to an appropriate provider that can assist you further.

All advice is free and confidential and we do not charge any upfront fees for our services. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid.