A joint IVA is typically available for couples with certain types of debts that are shared and who wish to make an IVA application together. However they may also be applied for jointly to cover certain types of debt of just one of the applicants. joint IVAs may also be known as an interlocking IVA. Here are some of the factors you may wish to think about in regards to criteria when considering an IVA.
What debts are typically included?
Typically joint IVAs work in the same way as a single individual voluntary arrangement. With this in mind there are certain debts that may be included in an IVA and those than cannot. Typically debts that may be included are classed as unsecured, including:
• credit card or store card debts;
• personal loans;
• catalogues;
• overdrafts.
Debts that may not typically be added into an IVA are generally those that are classed as being secured. These typically include such as:
• secured loans;
• outstanding mortgages.
As you may see from the above the answer to the title of this article is “no”. IVAs cannot be taken out to pay off all debts. Typically they may only be entered into for certain types of debts.
What is the criterion for entering into an IVA jointly?
Just as there is certain criteria that typically needs meeting in relation to which debts may be included in IVAs, criteria also applies to taking out a joint individual voluntary arrangement. To enter into an agreement you must owe money to a minimum of two creditors, have debts that are typically over £15,000 and be able to repay creditors a minimum amount per month at the least. You may also wish to bear in mind that joint IVAs are basically two separate applications that are made together. One of the advantages of applying jointly is that it may boost your chances of being successful in your application.