All about IVAs
Who qualifies for an IVA?
In most cases, you'd only qualify for an IVA if you're carrying at least £12,000 in unsecured debt - and are unable to repay that debt in a reasonable time.
You'd also need to be able to make a reasonable monthly payment towards your debts. In most cases, this would mean £200 or more per month.
But there are more ways to tackle debt than just with IVAs!
See if you qualify for IVA
Firstly, please tell us a few details about your situation:
Finally, you'd need to live in England, Wales or Northern Ireland - if you live in Scotland, you might be eligible for a Trust Deed.
What debts could I include in an IVA?
An IVA can help you repay your unsecured / non-priority debts such as:
- Credit card / store card debts
- Catalogue debts
- Unsecured loans
- Overdrafts
- Credit agreements
What debts couldn't I include in an IVA?
Your IVA won't directly cover things like:
- Mortgage / rent
- Secured loans
- Student loans
However, it would help to make those things more affordable, because your payments into your IVA are based on what you can afford after you've covered those costs. That means you wouldn't have to use money you should be keeping back for your essential costs.
What if I don't qualify for an IVA?
An IVA isn't always the answer to debt problems. If it isn't the best way for you to tackle your debts, our advisers can help you explore your options.
No matter how much debt you're in, we have a debt solution that could help.
