Is an IVA right for me?
If you qualify for an IVA, it is usually the best solution for you, as the other potential solutions will actually increase your debt amount and the term of your repayments.
Typical Criteria for an Individual Voluntary Arrangement
Your eligibility for an IVA cannot be simply determined by answering a few brief questions. However, there are some typical criteria that can be used to see if you are likely to be accepted for an IVA.
- Unsecured debts of over £12,000. These unsecured debts could include credit card, store cards, overdrafts, catalogue debts etc. Get an updated statement from your creditors, as your debt may be more than you think.
- You cannot afford your debts. Being unable to afford your debt means that you are insolvent. Previously bankruptcy was the only debt solution but, since the introduction of IVA legislation, this is no longer the case.
- You can afford reduced repayments. An IVA requires that you make some form of debt repayment, although it is likely to be significantly less than what you are paying now. This means that you must have a stable income.
These simple criteria represent a generalisation and we would need to speak to you to determine whether you are eligible for an IVA. Call one of our expert advisors on 0800 048 1766.
IVAs are only available by law in England, Wales & Northern Ireland. If you are a Scottish resident then please see our Trust Deed page.
