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An individual voluntary arrangement (IVA) is designed for only one person. This means you cannot get a joint IVA, but you may be able to get “linked” or “interlocking” IVAs.
An individual voluntary arrangement can affect different areas of your life, including:
IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. In Scotland, a protected trust deed is a similar solution. This has different benefits, risks and fees.
You and your partner can set up separate IVAs that are linked or ‘interlocked’ with each other.
This means that:
This takes into account what you both pay towards the household and helps make sure your IVA is affordable.
Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.
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You can include part of a joint debt in an IVA, but:
Joint debts can also be included in interlocking IVAs. This means:
Get debt advice to understand how an IVA affects you and your partner.
You can only get an IVA with the help of an insolvency practitioner. StepChange is an approved organisation to manage IVAs.
There are no up-front fees, and we never charge for debt advice. Fees are detailed in your IVA proposal, which an IP assists in drafting. Any fees have to be approved by creditors. Your IP will explain what fees you need to pay for your IVA.
StepChange Voluntary Arrangements is a registered trading name of Consumer Credit Counselling Service Voluntary Arrangements Limited, a wholly owned subsidiary of StepChange Debt Charity.