Is an IVA right for me?

Deciding on which method of debt solution is best for you should be a carefully considered process. There are some simple criteria that can determine your suitability for an IVA, although these are just some of the details we look at before suggesting an IVA.

1. Your debts should total more than £15,000
2. You should owe money to at least 3 different creditors
3. You should have at least £200 of available income each month to pay back to your creditors once your reasonable living expenses have been taken off.

You also need to bear in mind that an IVA is a long term commitment and will typically last for 5 years, during which time you will have to be very disciplined with your finances. Failure to keep up with your IVA payments could result in you being made bankrupt so it’s important to consider all the pros and cons before entering into an IVA.

Individual Voluntary Arrangements are for dealing with your unsecured debts like store cards, bank overdrafts, credit cards etc. Secured debts such as mortgages and H.P. agreements cannot be included in an IVA.

If you found this answer helpful you may also want to look at the following: 
 
How does the IVA process work?
Will I be able to afford to live when I have an IVA?