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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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