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IVA Criteria
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IVA Criteria
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IVA Criteria
Individual Voluntary Arrangements (IVA)) are available for residents living in England, Wales and Northern Ireland. IVAs can only help people consolidate their unsecured debts, this means secured debts, such as mortgages, second charges, car finance and Hire Purchase will need to be paid as normal.
IVAs are decided upon by your creditors, your creditors have a meeting, discuss your finances and the option of an IVA and then vote FOR or AGAINST the IVA.
IVAs are decided upon by your creditors, your creditors have a meeting, discuss your finances and the option of an IVA and then vote FOR or AGAINST the IVA.
Individual Voluntary Arrangements - IVA criteria:
You cannot afford to meet your current contracted credit repayments.
You can afford to pay your creditors at least £180 a month to your IVA
Your unsecured debt must be more than £15000.00 to apply for an IVA
You must have at least 3 creditors (different companies) to apply for IVA
All creditors must be at least 3 months old and you must have made at least 1 payment
You cannot afford to meet your current contracted credit repayments. You can afford to pay your creditors at least £180 a month to your IVA Your unsecured debt must be more than £15000.00 to apply for an IVA You must have at least 3 creditors (different companies) to apply for IVA All creditors must be at least 3 months old and you must have made at least 1 payment