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What debts can and cannot be included in an IVA? |
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Debts you can include in an IVA:
- Overdrafts from bank accounts
- Hire purchase on products no longer needed
- Credit cards
- Unsecured loans
- Mobile phone contracts no longer needed
- Payments owed to repossessed properties
- Store Cards and Catalogue bills can be included
- HM Revenue and Customs VAT
- HM Revenue and Customs PAYE
- HM Revenue and Customs self assessment tax
- HM Revenue and Customs National Insurance
- Money owed to friends and family
Debts that Cannot be included in an IVA:
- Hire purchase debts on goods still needed
- Student loans (falls outside of the insolvency act 1986)
- All educational loans (falls outside of the insolvency act 1986)
- Magistrates court fines
- Speeding fines or parking tickets
- Child support (CSA)
- Money secured on your house (i.e. mortgages or secured loans)
- Arrears on rental property which you currently occupy
- Debts incurred through fraud
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