If you financial circumstances qualify for an IVA, then it is often the best solution for you. It is the only solution where you pay back an affordable amount over a fixed term, after which any remaining debt is written off.
The below criteria represent a generalisation and we would need to speak to you personally to determine whether you are IVA eligible, call our expert advisors on 0808 131 9110.
1: You have unsecured debts of over £15,000.
Unsecured debts include credit ad store cards, catalogue debts and overdrafts.
It is important that you gain up to date balances from your creditors, as you may not think that you have £15,000 of unsecured debt. However, with any interest and charges added to your debts, it could well have grown to over £15,000 today.
2: You have a stable income.
An IVA is a debt repayment scheme and you must commit to making a set monthly payment. This means that you need a regular source of income, such as employment.
Bonuses would be accounted for separately and this would be explained in detail during the IVA set-up process.
3: You are insolvent.
Being insolvent means that you can not afford to make your monthly repayments towards your debts, and is not the same as Bankruptcy. Prior to IVAs being made available by the government, the only solution for being insolvent was bankruptcy.
Be careful to not fall into the trap of making the minimum monthly payments and thinking you can afford your debts, because with the interest and charges applied you could be paying back for many years to come.
4: You are resident in England, Wales or Northern Ireland.
IVAs are only available by law in England, Wales and Northern Ireland.
If you are a Scottish Resident then please see our information on Trust Deeds, which is the Scottish equivalent to an IVA.