What qualifies me for an IVA instead of a Debt Management Plan?

The main distinguishing point between what could qualify you for an IVA instead of a debt management plan is the level of debt that you have.

If you have unsecured debt which is under £15,000 then you may not qualify for an IVA, which means that a debt management plan may be a better debt solution for you.

However, if your unsecured debt is over £15,000 then you could qualify for an IVA. If this is the case, then an IVA is usually the best option. Although both debt solutions allows you to make a reduced monthly payment to your unsecured creditors, only an IVA allows you a percentage of debt relief. Typically, you will pay what is affordable for a period of 60 months and any unpaid debt will be written off on completion of the agreement.

The best what to see if your financial circumstances mean you qualify for an IVA instead of a debt management plan is to get in touch with us directly. We will take note of your income and expenditure and to be able to work out which debt solution is best for you.