How do I know if I qualify for an IVA?

An IVA could be one of your better debt solutions; other debt solutions will increase the duration of your repayments and cannot write off any amount of your debt. An IVA will also ensure that you are protected from your creditors: as long as you keep to the terms of your IVA they will not be able to take legal action against you.

IVA government legislation was introduced as an alternative to bankruptcy. An IVA is a legally binding agreement between you and your creditors that allows you to repay only what you can afford each month for 60 months. All the debt that you haven't repaid is written off by your creditors.

Call our IVA specialists on freephone 0800 048 1768 to see if you qualify OR use our no-obligation debt wizard.

Basic IVA Qualification

1. Unsecured debt of more than £15,000 - Unsecured debt is not secured against any of your assets and includes personal loans, credit cards, store cards and overdrafts. Even if you don't think that you owe more than £15,000 it is important to get an up-to-date statement from all your creditors so you can see how much you owe.

2. A stable income - As part of the IVA agreement you must repay part of your debt to your creditors. This is usually over 60 months. To ensure that you can make the agreed repayments you must have a regular income.

3. You are insolvent - Being insolvent means that you can no longer afford to repay your debts. Prior to IVAs having been introduced, the only solution for insolvency was bankruptcy. But an IVA is a viable alternative as it has less negative implications and is a more private procedure.

4. You are a resident in England, Wales or Northern Ireland - IVAs are only available to qualifying citizens of England, Wales and Northern Ireland. If you are a Scottish Resident then please see our Trust Deeds section, as this is the Scottish equivalent to an IVA.

The above represents only the basic qualification criteria for an IVA, and we would need to speak with you to determine your eligibility. To see if you qualify for an IVA, contact our IVA specialists on freephone 0800 048 1768.