Individual Voluntary Arrangements and You

Is an IVA Right for You?

There are no set rules for determining whether an IVA could be right for you. Whether this is the best debt solution depends entirely on your own individual circumstances.

However, as a general guide your level of personal debt would need to be above £15,000 and you should have at least 3 different creditors in order to be considered for an IVA. You will also have to have a disposable income of around £200 per month so that you can make a worthwhile contribution to your creditors for the agreed period of your IVA.

Your job or profession has no bearing on whether or not you will be accepted for an IVA but you must have a regular source of income in order to meet your agreed monthly repayment when it falls due. This amount will be agreed upon by you and your Licensed Insolvency Practitioner after your other financial commitments have been taken into account.

IVA Debts

IVA’s are specifically for unsecured debts such as those listed below. Secured loans such as mortgages and H.P. agreements can’t be included in your IVA:

• Personal Loans
• Student Loans
• Credit Cards
• Store Cards
• Bank Overdrafts
  

This information does not constitute debt advice. To understand more about IVA’s and to find out if an IVA is the right debt solution for you, it’s important that you seek professional debt advice before making any decision.

Call now on 08000 43 43 41 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA.