What is Joint IVA?

What is Joint IVA?

If you and your partner are both concerned about excessive debt, a “joint IVA” is one option to consider. While an IVA is primarily a personal debt solution, couples can coordinate the planning, administration, and payment of their IVA. But in both cases individual or joint IVA have an impact on the person who took it. 

An IVA is a non-bankruptcy option that establishes a legally binding arrangement between you and your creditors. Individual voluntary arrangements are a type of personal insolvency that is set up by a licenced insolvency practitioner and administered by them. They usually last five years (or longer), with any outstanding debt being cancelled off at the end.

How joint IVA and Interlocking IVA are same?

When two people have a debt problem in common, it’s occasionally possible for them to band together and try to solve it as a pair rather than as two individuals. They may also be eligible for a Joint IVA, also known as an Interlocking IVA, provided the circumstances are proper.

An “interlocking IVA” refers to a couple’s linked IVA agreements. This shared debt arrangement’s monthly payment is computed on a household basis, taking both of your incomes, bills, and other reasonable expenses into account. Although IVA have impact on family and partner both

By working with the same debt adviser, you can set up an interlocking IVA together. The ongoing administration of an interlocking IVA (such as annual reviews) is also handled jointly, and you can make one monthly payment to all of your IVAs. If you’re facing creditor legal action during the setup period, the same adviser may be able to help you get Breathing Space.

Does Interlocking IVA is only for the Couple?

Cohabiting couples frequently employ joint interlocking IVAs. Married couples, civil partners, and single couples may all fall into this category. It is technically impossible to be in a romantic relationship if you are not married. Other people who live together and are financially dependent on each other could perhaps employ an interlocking IVA.

What happen to joint IVA in case of separation? 

If you split during an interlocking debt solution, your IVA will not necessarily fail. Because of the unique character of an IVA, they may easily be managed individually and each person can make their own payment.


The possibility exists that one of you (or both of you) will be unable to make a regular payment. This could be a problem since if you move into separate residences, your overall bills and expenses may rise.

What are Joint Debts?

If you want to set up an interlocking IVA, you don’t need to have any shared debts. All of the qualifying debts that each of you owe will be addressed in your individual IVA. If you have any shared debts, you can each dismiss your personal duty for repayment once your IVA is completed.

The scenario is different if you have a joint debt and just one of you joins an IVA. When an IVA is completed, a person is released from personal responsibility for the repayment of a shared obligation. The other borrower, on the other hand, is still responsible for repaying the entire total owed at the agreed-upon rate of interest.

What am I supposed to do now?

By now you must have understand What is joint IVA or interlocking IVA?  IVA is the good option to choose  there are several benefits of IVA if you are looking to settle your debt effectively and easily. Here at IVAOnline we try to resolve all your IVA related Issues in UK and guarantee you to make your financial journey much easier than previous. 

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