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What is a Joint IVA?

A joint IVA is when you and your life partner or spouse have joint debts and ask for joint arrangements. The proposals will still be linked but they will be separately regarded as arrangements. This way one arrangement could go through and the other could fail.
Sole creditors or joint creditors will be presented with a draft of the initial documents that show each partner’s financial situation and a result of the monthly income will be offered as a surplus to pay the debt.
Any equity in jointly-owned property must be presented in detail and if there is such an equity the IVA should present a way to deal with said equity.
The draft of the list of creditors must show in separate fields the liabilities of each partner and their joint debts.

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