Am I Eligible for an IVA?

 

If you fit the criteria of an IVA then it is usually your best debt solution. All other debt solutions, such as debt management or loans, can actually increase your repayment term. 

If you can answer "Yes" to the following statements, then changes are you are likely to be accepted for an IVA.

I have unsecured debts of over £15,000.

Unsecured debts can include credit cards, store cards, personal loans and overdrafts.   

It is best to get an up to date list of your outstanding amounts, as you may not think that you owe £15,000 but with any interest and charges your debt could have grown to this level.

I am insolvent. 

Being insolvent, is not the same as Bankruptcy. It means that you are not able to repay the required payments to your debts each month.

I have a stable income.

You will need to have a stable income if you are on an IVA as it is a repayment plan, and any repayments that are misses could result in severe consequences such as bankruptcy. 

I am a resident in England, Wales or Northern Ireland

An IVA is only available to those residing in England, Wales or Northern Ireland. The Scottish equivalent to an IVA is a Trust Deed.

The above is only a generalisation of the IVA criteria, for more in depth advice please call one of our expert advisors on 0808 131 9112 or complete the Debt Wizard.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)