IVA - Do You Qualify?

There are quite a few factors involved in whether or not you qualify for an IVA (Individual Voluntary Agreement). They include:

  • A minimum of £15,000 worth of unsecured debt.
  • Your types of debt that can be included in an IVA include; loans, credit cards, store cards, overdrafts, catalogues.
  • Types of debt that cannot be included in an IVA include; mortgages, secured loans and hire purchase (e.g. cars).
  • Typically our debt management companies require you to have 3 or more creditors. While this is not a legal requirement, due to the IVA process, it can make it more likely for your creditors to agree to the IVA.
  • Generally, you will need to be employed or self-employed to be eligible.

If you are unsure as to whether you are suitable for an IVA, then we would recommend that you compare our debt management companies, contact them and see what advice they can provide.

Compare IVAs

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Rescheduling debt may affect your credit rating and remain on your file for a period of time, it may also lead to an increase in the total sum to be repaid.

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