You may have decided that an IVA sounds like the best option for you to clear your debts. However, lots of people don’t find out whether they are eligible or not, and just assume that they won’t be. Naturally, many people that would be eligible for an IVA are missing out on the chance to clear debt, by wrongly assuming that they aren’t eligible for such an arrangement.

So, who is eligible to sign up for an IVA? If you meet the following criteria, the chances are that you will be able to reap the benefits and start paying off your debts:

  • To be eligible for n IVA you must be classified as an insolvent. This means that a person cannot meet repayments on any outstanding debt due to outgoings outweighing income.
  • You must have a steady source of income, be it through employment or being self-employed. If you rely solely on benefits, you might not qualify for an IVA.
  • You must have ‘substantial debts’ that amount to £15,000 or more. Usually, these debts should be owed to at least 3 creditors to be considered for an IVA
  • Monthly repayments can vary greatly, but you should expect to repay around £200 each month at least.
  • You must be determined to clear your debt and avoid bankruptcy at all cost.

There are several other criteria that you could be required to meet in order to be successful in your IVA application, but you can use these few as a rough guide. The type of debt you have (who your creditors are) can also determine whether your application is successful.

If you’re in any doubt as to your eligibility, simply get in touch with IVA Zebra and we’ll be able to let you know everything you need to know. Don’t just assume that you’re not eligible!