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The suitability of an Individual Voluntary Arrangement (IVA) to solve your debt problem will depend on your individual financial circumstances and attitude towards repaying your debt. In many cases it will be the right solution but it is by no means suitable for all.
Note: An IVA is only available for those living in England, Wales & Northern Ireland. If you live in Scotland this solution is not available and you will need to consider alternative solutions such as a Trust Deed.
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An IVA can only be used to deal with unsecured debts. If the debts you are having difficulty with are secured such as your mortgage, an IVA may not be able to help.
Generally speaking you will need unsecured debts totalling £8,000 and be able to pay at least £100 a month to start an IVA. However it may still be possible to use an IVA based on monthly payments of less than £100 or no monthly payments at all if you are able to pay a lump sum of money into the arrangement.
If you are renting your property or sharing with others an IVA will certainly be an option for you as long as you can maintain the necessary monthly payments into the arrangement.
Homeowners also often choose the IVA solution because of the legal protection it gives their property against the threat of charging orders. However if you are a homeowner you will also be required to release equity from your property if possible to increase the amount you repay to your creditors.
An Individual Voluntary Arrangement is not the only debt solution which might be suitable to resolve your debt problem. Before making your final decision to apply for an IVA you should also consider the other available debt solution options. For more information please see: Personal Debt Solutions
Only a brief overview of the IVA solution is given here. For more details and advice see one of our dedicated websites:
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