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Can I benefit from an IVA?

If you reach a point where you can’t meet the repayments due on your borrowing, you are insolvent in law, with two possible courses of action – bankruptcy or an IVA.

For an IVA to be the solution to your need to get out of debt, your debt needs to be a minimum of £5,000 owed to at least 3 different creditors.

And, for an IVA to be put in place, 75% of your creditors need to agree. As long as at least three-quarters are agreeable, any remaining creditors will also be legally bound by the agreement.

If your unsecured borrowing is less than £5,000 you will not be able to enter into an IVA.

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