Family and joint debts
Bennett Jones Specialises in IVAs.
✓ Write off unaffordable debt*
✓ One monthly repayment
✓ Only pay what you can afford
An IVA may not be suitable in all circumstances. Fees apply. Entering into an IVA will affect your credit rating. You could write off up to 80% of your debts upon successful completion of an IVA.(10% of our customers wrote off 80% in the last 12 months, with a typical figure of 25%-75%).
Check if you are eligible for an IVA
Bennett Jones is here to help you regain control of your finances. We’ve helped thousands of customers become debt-free by using an IVA. Complete the form above to get no-obligation debt help from our trusted partner, The Debt Advisor Ltd.
Our relationship with The Debt Advisor
The Debt Advisor and Bennett Jones have common Shareholders. The Debt Advisor Ltd is authorised and regulated by the Financial Conduct Authority to provide debt counselling and debt adjusting services to people who are experiencing financial difficulties. The Debt Advisor Ltd will advise you regarding all of the solutions which are available to help you. There is no charge for initial advice relating to the debt solutions available to you and is without obligation. Depending upon the solution that you choose, fees may apply.
Unless clear lines are drawn, you may be unsure as to who is responsible for the payment of each portion of outstanding debt.
You can share an obligation to make payments such as utility bills, mortgages, rental contracts and shared bank accounts. In some cases, you will be liable for only half of the amount owed under the terms of these contracts – with your partner, spouse or relative being responsible for the payment of his or her share.
More commonly, however, you will be responsible for payment of the whole amount which is owed – even though you have agreed with the other party that the debt will be repaid in equal shares by both of you. This means that if your partner, spouse or relative fails to honour their side of the agreement, you will find yourself being called on to repay the full amount of the outstanding debt.
Why might such agreements prove problematic?
There’s no guarantee that everything will run as smoothly as was expected when the original joint debt was incurred. When family relationships or marriages break down, it is not uncommon for an individual to find they are called on to repay debts which they firmly believed would be repaid equally by them and their partner, spouse or relative. It is not uncommon for one of the parties in an agreement to be unable to or to refuse to, pay his or her share of the outstanding debts. This can often result in debts becoming unmanageable.
In some instances, the death of a partner or spouse can sadly also result in the surviving partner being called on to repay outstanding debts which then become unaffordable.
We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end if the IVA is completed successfully.
We are proud of our 5* Trustpilot reviews
December 2024, Amelia
Can’t thank Bennett Jones enough without them I would still be in a huge pile of debt. Even when I was on the IVA there were times I was struggling and they understood me instead of disregarding my financial situation they gave me options like taking a break from the payment for a few months or even reducing the payment then when I was back on my feet again going back to the original payment plan. They always checked up to see how I was doing financially and all thanks to them I am now finished with all the debt.
September 2024, Glen
I found Bennet Jones 5 years ago was really struggling financially. They helped me set up my IVA and the process from start to finish has been amazing. The support I have been given over the last 5 years goes above and beyond what I expected. Would highly recommended If your struggling with debt please don't bury your head in the sand it's an easy process for manageable payments every month and know more hiding behind the sofa. Thanks to everyone at Bennett Jones.