An IVA (or Individual Voluntary Arrangement) allows those in debt to enter into an agreement with creditors using a third party or IVA company to repay a portion of your debts. The IVA is an alternative to bankruptcy for those who are insolvent but without some of the stigmas that bankruptcy holds. For example, you may be prevented from holding certain positions if you are bankrupt, but an IVA does not prevent you from holding a position in any field including accountancy.

Choosing to file a joint IVA is one you should discuss with your spouse or partner before you finalize the process. The main thing you need to consider is how the IVA will affect your partner’s liability for outstanding debts. If you have joint loans or credit cards, filing an individual IVA is not going to eliminate your partner’s liability for those debts. The only way for your partner’s liability to be erased from those debts is for you to enter into a joint IVA.

Making a choice to file a joint IVA can be a difficult decision but if you are faced with the possibility of losing your home, car or facing a civil judgement, a joint IVA may be the best choice for you. You will then have the opportunity to repay a portion of your debts in one affordable payment. Unlike bankruptcy you will not have to liquidate all of your assets before debts are discharged. Of course, your creditors must agree of the portion of the debt you must repay, and the fee for this is deducted from the amount your creditors receive from the IVA settlement.

Many people tend to become embarrassed at the thought of filing an IVA and putting their financial problems in front of a stranger, but there are IVA companies who will work with you in a friendly way so that you don’t have to feel you are a financial loser because you have file an individual or joint IVA in order to get back on your feet financially. You don’t need to be embarrassed nor do you ant to avoid filing an IVA because you are embarrassed. You need only find the right IVA company that will work with you confidentially and professionally to ease your fears about the IVA process.