IVA: Do I qualify?

An IVA can be an ideal solution to unmanageable debt problems, but you'll only qualify if you meet a few conditions. And if you don't qualify, it's important that you take a look at what other options may be available to you.

Find out if you qualify for an IVA

Answer a few simple questions and we'll let you know if an IVA could be an option for you.

Your Situation

Your total debt: Please select... £2,000 to £7,000 £7,000 to £12,000 £12,000 to £19,000 £20,000 +

What debts should I include?Please include all your unsecured debts from loans and overdrafts to credit cards and store cards. You don't need to include any debts that are secured against your property.

Your location: Please select... England Wales Scotland Northern Ireland

Why do you need my location?Different countries offer different debt solutions. Your location will help us determine the best debt solution for you.

Employment status: Please select... Employed full time Employed part time Self employed Unemployed Retired Student

Is my employment status important?Your employment status and income will affect which debt solutions are available to you.

Your email: (optional)

Your Details

First name: Surname: Telephone 1:

Why do you need my number?By entering a valid mobile number we'll be able to text your results to you. We'll also call you to talk you through your options and answer any questions you may have.

Telephone 2: (optional)

I agree to the privacy policy:

Please remember, this is just an information tool. We would always recommend you speak to a debt advisor for the most appropriate way to resolve your debt problems.

We'll give you an on-screen recommendation and call you. One of our advisors will be in touch to answer any questions you may have about your results.

Your privacy is important to us. All correspondence is held in the strictest confidence and we will only request information required to find your debt solution.

To qualify for an IVA, you must meet the following criteria:

• You must have more than one unsecured debt
• You must be unable to repay your unsecured debts within a reasonable period of time
• You must be able to contribute a reasonable amount towards the IVA each month
• You must be a resident of England, Wales or Northern Ireland

To find out if you qualify, take the debt test at the top of the page. If you don't qualify, the debt test will tell you which solutions may be more appropriate.

How can I be sure whether I'll qualify?

If you meet all the criteria for an IVA your lenders are quite likely to agree to it, although there are no guarantees.

It's important to remember that it's in your lenders' interest, as well as yours, that you are able to repay as much of your debts as possible. As such, if you are genuinely unable to repay your unsecured debts in full and meet all the other criteria for an IVA, the chances are your lenders will agree.

However, this isn't always the case. Sometimes one or more of your lenders might ask for higher monthly payments, or they might reject your IVA proposal entirely, in which case you may have to reconsider your options.

Do all my lenders have to agree?

No. For an IVA to go ahead, you must receive approval from 75% of voting lenders (by debt value). That means that voters accounting for up to a quarter of your total unsecured debt could vote against the IVA and it would still go ahead.

If your IVA is agreed, all your unsecured lenders - including those who didn't vote in favour - will be included in the arrangement.

Could I qualify if I'm not a homeowner?

Yes. IVAs are available to people who rent their home, as well as homeowners.

However, it's worth remembering that if you are a homeowner you may be required to release equity from your home as part of the arrangement. If you are unable to release the equity in your home your IVA could be extended to six years, instead of the more typical five.

Is there a minimum debt level for an IVA?

Not usually. Some people believe that IVAs are only available to people with at least £15,000 of unsecured debt, but this isn't actually true.

From a lender's perspective, an IVA could help them regain a reasonable proportion of what you owe them. As such, they may agree to an IVA for debts of less than £15,000, as long as it's clear that you can't afford to repay your debts in full within a reasonable timeframe.

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