Do I Qualify for an IVA?

If your circumstances qualify you for an Individual Voluntary Arrangement, then it is almost always the best debt solution for you. Some debt solutions could increase the duration of repayments and cannot write off your unaffordable debt or freeze interest and charges.

Am IVA means that you will be debt free in a typical period of 60 months and any unaffordable debt can be written off as part of the IVA.

An IVA means that yo must commit to repaying part of your debt to your creditors over a set period of time, usually 60 months. To ensure that you can make the agreed repayments you must have an income.

Although individual cases will vary, in general you will need to have unsecured debt of at least £12,000. Unsecured debt means that it is not secured against any of your assets and includes personal loans, credit cards, store cards and overdrafts.

There are still debt solutions available to you if you owe less debt than £12,000. You may find that a Debt Management Plan suits your needs best, as it allows you to make reduced payments to your unsecured creditors. 

The best way to see is you qualify for an IVA is to get professional advice as an IVA is suitable for all financial circumstances. Contact one of our Individual Voluntary Arrangement team on 0800 048 1766.