There is certain criteria which is required for an IVA to have a good chance of being successful. We recommended you complete our no obligation enquiry form to get FREE professional and impartial advice from a licensed Insolvency Practitioner, so you can be sure that you have all the facts and are choosing the best debt management solution.

Below is some simple criteria which will give you an indication as to whether or not an IVA would be suitable for you:

1. You need to be a resident in England, Wales or Northern Ireland

You must be reside in England or Wales or Northern Ireland. IVAs are not available to those living in Scotland or outside of the UK. In Scotland there is a similar process called a Standard Trust Deed.

2. You need to be insolvent

Your have to be in position where you are in serious financial difficulty and unable to or are experiencing real difficultly keeping up payments on debts such as a credit cards and loans. 

You need to be able to demonstrate proof of your circumstances. For example:

Payslips 
Recent bills 
Valuation of your property (if applicable) 

3. You need to have unsecured debts of £15,000 or more

You need to have debts of £15,000 or more on credit cards, store cards, loans, overdraft or hire purchase agreements.

4. Need to have stable income

IVAs are suitable for people who have over borrowed and can’t meet their repayments but have an income and want to continue making payments to eventually free themselves from the problem.

You will need to be in employment and have a stable monthly income in order to make payments on the agreement.