Do I Qualify for an IVA?

Before looking at whether an IVA is the right debt solution for you, it’s important that you understand if you could be eligible.

Will I qualify for an IVA?

This depends on your situation. Everyone’s money worries are different, so we take time to understand what’s going on before suggesting a solution.

You might be able to get an IVA if you owe money to more than one lender, are finding it hard to keep up with payments and still have some money left each month after paying for essentials like food, housing and bills. Having money left over matters because an IVA means paying a set amount towards your debts each month.

Before we recommend an IVA, we look at your whole situation. We consider how much you earn, how much you owe and what you need to live on. There’s no single rule that decides who can have an IVA. We’ll only suggest one if we believe you can afford it and it can work well for you over time.

Is there a minimum amount of debt I need to qualify for an IVA?

There’s no legal minimum amount of debt needed for an IVA, but an IVA isn’t the right choice for everyone.

It’s often more suitable for people with several unsecured debts who need a clear and structured way to deal with what they owe. If another option suits you better, we’ll explain it clearly so you can make an informed choice. Our aim is to help you find a solution that feels manageable and supports your future.

What checks are done when looking at an IVA?

We want to make sure any solution you choose is affordable and realistic.

When you speak to us, we’ll build a budget together. This helps us see:

• Your income
• Your bills and living costs
• Your debts

We may also ask about other things, such as child maintenance, savings or anything valuable you own, such as a home.

These checks help us recommend a plan that you can keep up with. They also help make sure you still have enough money for daily life while treating your creditors fairly.

Getting help and advice

 An IVA can help many people, but it’s important to understand all your options before deciding.

When you contact PayPlan, we’ll explain the solutions available, check what you may be eligible for and help you choose the option that best fits your situation. Our advice is confidential, impartial and focused on helping you move forward.

Get debt help online or call us on 0800 316 1833 for a confidential chat.