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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.

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Will I qualify for an IVA?

Whether an IVA is right for you depends on your individual circumstances. Everyone’s money worries are different, so we take the time to understand what’s really going on before recommending any solution.

You may be able to get an IVA if:

  • You owe money to more than one lender
  • You’re struggling to keep up with payments
  • You have some money left each month after covering essential living costs 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.

See if an IVA is right for me

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.

Thinking about an IVA but unsure what’s right for you?

Get free debt advice online or call 0800 316 1833 to speak to one of our experts. We’ll explain the solutions available, check what you may be eligible for and help you choose the option that best fits your situation. 

See if an IVA is right for me
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FAQs

What if I become seriously ill?

Please contact us as soon as possible. We know these conversations can feel difficult – but you’re not alone, and our dedicated Vulnerability Team is here to support you with care and practical guidance.

Your Insolvency Practitioner (IP) may speak to your creditors and request early completion of your IVA on compassionate grounds.

What happens if I come into money during my IVA?

If you receive a financial windfall – such as inheritance, compensation or lottery winnings – you’ll usually need to pay all of it into your IVA.

Because your creditors have agreed to write off part of your debt at the end of your IVA, any extra funds must be considered.

If the amount’s large, you may be able to offer an early Full and Final settlement.

If friends or family want to help with a lump sum, creditors may accept it as a settlement offer. It doesn’t have to cover everything you owe, but it must be fair and reasonable.

Can I settle my IVA early?

Yes – you can ask to offer a lump sum as a Full and Final settlement.

  • Your creditors will vote on the offer at a Variation Meeting.
  • Even if accepted, your IVA stays on your credit file for six years from the original start date.
  • It remains on the Insolvency Register for three months after completion or termination.

Early settlement can give flexibility, but you’ll still need to rebuild your credit after it completes.

Can I add debts to my IVA?
Because an IVA is a legally binding agreement, adding new debts can be difficult.

  • Forgotten debts: If a debt was missed at the start, it may still be possible to add it. Sometimes a second Creditors’ Meeting is required if the debt is significant.
  • New debts: If you’ve taken on new borrowing since your IVA began, contact us immediately. We’ll explain your options and what this means for your arrangement.
Can an IVA affect citizenship?
Your IVA will appear on the Insolvency Register, which may be visible during a citizenship assessment. It doesn’t automatically prevent approval – and in many cases, it reflects that you’re actively managing your debts responsibly.

Read more FAQs →

FAQs

What if I become seriously ill?

Please contact us as soon as possible. We know these conversations can feel difficult – but you’re not alone, and our dedicated Vulnerability Team is here to support you with care and practical guidance.

Your Insolvency Practitioner (IP) may speak to your creditors and request early completion of your IVA on compassionate grounds.

What happens if I come into money during my IVA?

If you receive a financial windfall – such as inheritance, compensation or lottery winnings – you’ll usually need to pay all of it into your IVA.

Because your creditors have agreed to write off part of your debt at the end of your IVA, any extra funds must be considered.

If the amount’s large, you may be able to offer an early Full and Final settlement.

If friends or family want to help with a lump sum, creditors may accept it as a settlement offer. It doesn’t have to cover everything you owe, but it must be fair and reasonable.

Can I settle my IVA early?

Yes – you can ask to offer a lump sum as a Full and Final settlement.

  • Your creditors will vote on the offer at a Variation Meeting.
  • Even if accepted, your IVA stays on your credit file for six years from the original start date.
  • It remains on the Insolvency Register for three months after completion or termination.

Early settlement can give flexibility, but you’ll still need to rebuild your credit after it completes.

Can I add debts to my IVA?
Because an IVA is a legally binding agreement, adding new debts can be difficult.

  • Forgotten debts: If a debt was missed at the start, it may still be possible to add it. Sometimes a second Creditors’ Meeting is required if the debt is significant.
  • New debts: If you’ve taken on new borrowing since your IVA began, contact us immediately. We’ll explain your options and what this means for your arrangement.
Can an IVA affect citizenship?
Your IVA will appear on the Insolvency Register, which may be visible during a citizenship assessment. It doesn’t automatically prevent approval – and in many cases, it reflects that you’re actively managing your debts responsibly.

Read more FAQs →

Let’s make your debt more affordable

You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

Getting advice has no impact on your credit score.

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Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
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