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 Details

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.

Get expert IVA adviceIf you would like more information, talk to our team today.

Speak to an expert debt adviser on:0800 195 2911

Apply for help online

Top of page

Subject to eligibility and acceptance. Fees Payable. Debt write off applies only to unsecured debts and on completion of an IVA, alternative solutions may be offered. If your IVA fails, it could lead to Bankruptcy. Your ability to obtain credit will be affected for 6 years. Homeowners may be required to release the equity in their property. Calls may be recorded. Calls to 0800 numbers from BT landlines are usually free, calls from other networks may vary and you should check with your network provider for full details of your service.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.