IVA Criteria

Debts of at least £14500.00

You must have more than £14500.00 of unsecured debt to apply for an IVA, if you owe less than £14500.00 then a debt management plan may be a better solution.

Under exceptional circumstances an IVA can be arranged for under £14500.00, but this is down the the discretion of the insolvency practitioner.

We welcome IVA enquires for any level of debt in any circumstances. If we can't get your IVA approved then no-one can.

Pay £180.00 a month

You make an affordable monthly contribution to the IVA over a set term of 60 months. This monthly payment is subject to a minimum amount of £180.00 however the IP may be able to get an IVA passed for less, but this is not guaranteed.

Call the debt solutions helpline on: 0845 519 6093

You must be insolvent.

This means that you can't repay your debts by the terms of current contractual agreements, and your debts are more than your other assets.

You will not be eligible for an IVA should your personal wealth by way of personal savings, property or other assets are worth more than your debts.

No worse than Bankruptcy for creditors

The whole idea of an IVA is that it is preferable to bankruptcy for all parties.

The debtor avoids bankruptcy while creditors get back no less of their money as they would via bankruptcy.

The advantage of an IVA for creditors is that their own costs are lower and they normal get payments from your income for 60 months.

30% minimum payback

Creditor will not accept a return less than 30% of their money. This 30% does not include fees changed by the IVA Company to the creditors, so in effect they can be prepared to forgive more than 70%. (This is how a write off of 70% is achived).

IVA payments must be affordable.

Creditors must be confident you are able to maintain the agreed repayments for a full 60 months

You have a reasonable stable and ongoing income.

You can afford basic domestic needs comfortably.

You can maintain your monthly payment for the term of the IVA.

Recent periods of unemployment, working through a probationary period in a new job or self-employment without proper accounts are reasons why an IVA may not be possible for you at this time. If your creditors find out about any drug or gambling problem or something else that will hinder your ability you make payments, this will adversely effect your chances of the IVA approval.

Standard of living

Monthly IVA contributions from income are calculated by determining disposable income (your income, minus any household expenditure) once essential living costs have be paid. You must be able demonstrate that you are not spending excessively and are attempting to maximise payments towards the IVA. The following are some common compromises you can make:

Moving to more modest rented accommodation, or taking in a lodger in the case of homeowners.

Cutting down on non essentials such as mobile phones and satellite TV.

Limit social expenditure.

Cut down on cigarettes and alcohol.

Not spending significant money on hobbies and pastimes.

Hire purchase payments towards a essential items such as a car are acceptable. However you will be expected to increase payments into the IVA once such HP payments are completely and you have more money available.

Proof of you financial situation

An IVA proposal is a legal binding agreement and is required to be accurate with a high degree of confidence. An IVA proposal contains details of assets, income and monthly expenditure. You must provide suitable evidence to support you proposal such as:

Housing payments - A recent statement is required to show how much you pay for your accommodation.

Income - At least one recent wage slip.

Bank statement (for all parties) - Last 3 months to confirm your payments.

Current year's council tax bill - Include details of arrears separately if applicable.

Proof of Identification - We must see a copy of your driving license or passport.

Benefit proofs - This can be requested from the Benefits Agency or Inland Revenue.

HP agreements and secured loans - We need to include everything in your income and expenditure.

Latest statements - Credit cards, HP, catalogues etc.

Letters from creditors - Any paperwork relating to your debt is important to your IVA application.

If you can not afford to maintain a monthly payment for the 60 month term then an IVA is not an option and maybe a Debt Management Plan would be more suitablke to your financial situation.

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you and we have the lowest debt managenent fees in the industy

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

Start you debt free life today! with one of our debt solutions.

Debt Management | Individual Voluntary Arrangement | Protected Trust Deed | Bankruptcy

Also have a look at out "DEBT FEEs" chart and see what the more popular debt management companies are charging.