IVAs are not suitable for everyone, which is why it's critical that you get reliable advice on your debt problems before making a decision on the best solution.

Here are the main criteria you’ll need to meet in order to be eligible for an IVA;

 

You'll need to have a regular source of income that can be verified e.g. wage slips.

You should owe at least £15,000 to your unsecured creditors e.g. credit cards, store cards and personal loans.

Your debt should be owed to 3 or more separate creditors.

Your disposable income (money left after bills and reasonable household expenses) will need to be at least £200.

You will need to be resident in England or Wales to be eligible. The equivalent of IVAs in Scotland are known as Trust Deeds.

If you would like more information on your eligibility for an IVA, call one of our friendly advisors now in confidence.

IVAs are specifically for unsecured debts such as credit cards, store cards, personal loans and bank overdrafts.

It's important to note that secured debts (those taken out against property) such as a mortgage or H.P. agreement for a vehicle cannot be included in your IVA.

If an IVA is right for you, then your monthly payments will be reduced to an affordable monthly amount providing your creditors agree.

If you make all of your payments on time for the 5 year duration of your IVA, any remaining unsecured debts which were included will be written off and you'll be debt free.