If you find that you qualify for an IVA it will probably be the best solution for you. As all other debt solutions, such as debt management or secured loans, will actually increase your debt amount and the term of your repayments.
An IVA is a complex legal procedure, so your eligibility cannot be simply determined by answering a few brief questions. You will need to speak to an expert who will conduct a detailed financial Factfind. To do so, please contact our advisors today on 0800 048 1767.1. Debts over £15,000.
For an IVA you will need to have unsecured debts over £15,000. These debts can include catalogue debts, store cards, credit cards and overdrafts.
Even if you do not think that you owe more than £15,000 it is important that you get an up to date balance from all your creditors. As with interest or charges it could well have grown into that today!
2. You cannot afford to pay back your debts on a monthly basis.
If you are thinking about an IVA, then it is likely that you find yourself unable to pay the minimum payment to your creditors.
This means that you are technically insolvent as you cannot repay your debts. Before IVAs were introduced by the Government, the only solution would have been bankruptcy. But an IVA is a much more private process and you will not have to sell your assets.
3. You are employed or have a stable income.
An IVA allows you to make a monthly contribution to your debts for a period of 60 months, then any unpaid debt will be written off.
As it is a debt repayment plan you must be able to make the repayments that you agree on during your IVA proposal. If you fail to make your payments then you are no longer protected from your creditors and they are free to start bankruptcy proceedings against you.
4. You are a resident in England, Wales or Northern Ireland.
IVAs are only available by law in England, Wales and Northern Ireland. The IVA equivalent for Scottish residents is known as a Trust Deed.
For more information about how you can apply for an IVA, please call our expert IVA advisors on 0800 048 1767. We can help find the debt solution for you.
Alternatively complete the Debt Wizard which will help you to see what options are available to you.