Do You Qualify for an IVA | IVA Eligibility

Taking on an IVA is a great alternative to declaring bankruptcy. With an IVA, you will keep your assets; and permanently put a stop to any legal action from your creditors.

In order for you to be eligible to apply for an IVA, you will need to:

Be classified as an insolvent. An insolvent is any individual who is unable to meet his debt or financial obligations.
Have a significant amount of debt, £15,000 for an IVA application. You should also have at least three different creditors.
Be able to pay a minimum of around £200 a month for at least five years.
Have enough determination to avoid bankruptcy.
Have a steady monthly source of income.

Not all types of debt are covered by an IVA. The debt normally included in the IVA are those incurred through the use of store cards, credit cards, catalogue orders, overdrafts, student and personal loans, business loans and outstanding balances incurred from car or home repossession.

To make sure you are eligible for an IVA application, it is recommended that you consult an Insolvency Practitioner or an IVA expert. These experts can help in evaluating your present circumstances and may provide you with recommendations on different options for managing and solving your financial problems.