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Can I enter an IVA if I don't own a house?

Yes, it is possible to enter into an IVA if you don't own a house, but there are a few criteria you must meet to qualify.

Freeman Jones can provide IVAs to people who are struggling with unsecured debts, whether they are homeowners or not. Bear in mind that it's only really worthwhile to enter into an IVA if you're struggling with the amount of unsecured debt that you have already and are looking for an alternative to bankruptcy.

One of our debt advisers will be able to tell you more: find out if you might qualify for an IVA here.

Entering an IVA when you're not a homeowner

An IVA can help struggling borrowers to lower their unsecured debt repayments to an affordable level and write off the unsecured debt they can't afford at the end of the agreement (usually after five or six years).

During an IVA you are expected to make payments every month, so you'll need to be earning a regular income.

If you enter into an IVA and you're not a homeowner, it's likely you'd be asked to make contributions for longer than if you were a homeowner. That's because homeowners are often able to release equity in their homes to clear part of their unsecured debts. Whereas a homeowner's IVA might typically last five years, if you're not a homeowner you can expect yours to last around six years (but this can sometimes vary).

Is an IVA right for me?

If you're not sure whether an IVA is right for you, read the checklist below.

• Do you think you're unable to repay your unsecured debts in full within a reasonable period of time?

• Are you able to contribute a reasonable amount towards your debts every month?

• Are you able to keep up with those repayments for the full length of your IVA? (Usually around five years, or six for non-homeowners)

• Would you like a professional organisation to oversee your debts and deal with your lenders for you?

If you answered yes to these questions, then an IVA could help you to deal with the unsecured debts that are causing you problems. Speak to one of our advisers today. We can discuss your options with you and answer any questions you may have about IVAs in general.

If you'd like to know whether you might qualify for an IVA, just contact us – fill in your details and one of our advisers will call you back to discuss your options.

By Lucy Bower.

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Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA, alternative solutions may be offered. If your IVA fails, it could lead to Bankruptcy. Your ability to obtain credit will be affected for at least 6 years. Homeowners may be required to release the equity in their property.