Do you qualify for an IVA:
You will qualify for an IVA if you:
- Have a disposable income of £20 a week
- Live in England, Wales or Northern Ireland. If you live in Scotland we can arrange a Protected Trust Deed which is the Scottish equivalent of an IVA
- Have unsecured debts of more than £7,500 which can include most personal debts such as Council Tax, credit cards, bank overdrafts, personal loans, benefits overpayments, payday loans, tax liabilities etc.
- Have reasonable living costs and it’s worth mentioning you’re not expected to cut these costs to the bone. Your creditors realise you’re more likely to stick to the arrangement if it’s fair to you
- Have an open and cooperative attitude
- Owe more than you can afford to pay each month and have no assets that could be sold to pay your debt in full, excluding your home