What Debts Can I Include in an IVA?
If you have high levels of unaffordable debt, and wish to avoid declaring bankruptcy, then you may be thinking about an IVA (Individual Voluntary Arrangement). It is always advised that you seek professional IVA advice as there are a number of debt solutions, and the right one for you can be dependant on a number of different circumstances.
Sadly, not all debts can be included in an IVA as an IVA can only deal with unsecured debts. This means that any debts which are secured to goods or property, such a hire purchase loan or a mortgage, cannot be included in your IVA proposal. Any essential costs will be accounted for, and an IVA is designed to ensure that your new repayments are manageable.
What Debts Can I Include in an IVA?
Examples of debts which can be included in an IVA are:
- Unsecured loans – these are otherwise known as personal loans and are loans which are not secured against an asset
- Bank overdrafts
- Credit Cards
- Store Cards
- Catalogue or mail order debts
If you are unsure about what debts you can include in an IVA then it is essential to get professional help. Individual Voluntary Arrangement.co.uk have a dedicated IVA team who can tell you if your debt can be included in an IVA.
Call now for Individual Voluntary Arrangement advice on 0800 048 1766
