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If you have over £15,000 debts and are currently struggling to pay your debts when they fall due then you are technically insolvent. There's a certain criteria that you will have to meet to be accepted for an IVA.
- You need to be a resident in England, Wales or Northern Ireland
- Need to be insolvent (can not afford to pay your debts when they fall due)
- Have unsecured debts over £15,000 or more
- You need to have a stable income (in order to make payments on the agreement)
An IVA can be tailored to your financial circumstances, your payments in an IVA will all depend on how much debt you currently owe and how much you can afford to pay back monthly. A debt advisor will review your finances and work out a monthly repayment that is fair to both you and your creditors.
Your employment will not be affected by and IVA and you do not have to be a homeowner for an IVA to be accepted. You will be required to make a monthly payment in an IVA for usually 5 years, After this time whatever debt is remaining will be cleared.
During the IVA you should be left with a reasonable amount of money to live on. The process of the IVA will be smooth and painless with relatively little disruption to your everyday life.
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