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You would imagine, as it’s called an Individual Voluntary Arrangement, that this debt solution is reserved for individuals who are facing mounting debt problems. However, there is a Joint Individual Voluntary Arrangement that permits two people to merge their debt and use the strength of their combined resources to qualify for a Joint IVA when a single Individual Voluntary Arrangement would prove to be unaffordable.
There are a number of circumstances in which an IVA is a preferred debt solution to a petition of bankruptcy and a Joint Individual Voluntary Arrangement simply provides this opportunity to two people with shared living expenses, for whom an IVA each would not be a manageable solution to their combined debt problem.
However, the method by which this Joint IVA is achieved can be quite complicated but since you’ll have the support of Supersonic Squirrel and a dedicated Insolvency Practitioner throughout, this should not be a concern. Firstly, your IVAs will be treated individually and the Insolvency Practitioner (IP) that’s assigned to act on each of your behalf will propose two separate IVAs. After these two IVA proposals have been accepted by your creditors, the IP will combine the two separate IVAs into a Joint IVA. The cost of the IVA will be greatly reduced as a smaller fee will be charged to your creditors, they’ll receive a greater repayment amount as a result and Supersonic Squirrel will strive to have these saving passed on to you.
In order to qualify for a Joint Individual Voluntary Arrangement, you don’t need to be married; you just need to share the same living costs. So, if you think that a Joint IVA could be the solution to your combined debt problem, Supersonic Squirrel are here to help.
Do you qualify for an IVA?
For more information see:
IVA Helpline
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