Do I Qualify for an IVA?

An Individual Voluntary Arrangement (IVA) has many advantages – it’s a fast way to get out of debt (the debt solution usually lasts between five and six years) and it also ensures you only pay back what you can afford to your creditors. It’s a popular debt solution chosen by many people.  In order to ensure this plan is the right option for your circumstances, when you call PayPlan we will talk you through all the options available to you.

There is some qualifying criteria for an IVA, this could be flexible but we will discuss this with you when you call us, generally an IVA would be considered if:

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  • You are struggling to make payments to your unsecured creditors.
  • You live in England, Wales and Northern Ireland. IVA’s are not available in Scotland – although a similar solution for Scottish residents is a trust deed.
  • You owe at least £7,000 in unsecured debts. If you owe less than that there might be other more appropriate debt solutions. When you call us we will go through all of the options and offer advice specific to your circumstances.

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Can i get an IVA? 

An Individual Voluntary Arrangement (IVA) can help a wide range of people to not only avoid bankruptcy, but become free from unsecured debt altogether. An IVA is based on what you can afford to pay whilst protecting any assets you might have from your unsecured creditors. PayPlan have helped tens of thousands of people in this way over the years.

Using real case studies and real figures, you’ll see exactly how PayPlan have helped people like you by setting up an IVA.

An IVA is a debt solution that is affordable and therefore sustainable. With an IVA, most people make an affordable payment for a set period (usually five or six years) and, after successful completion of the plan, whatever balance remains on unsecured debt included in your IVA  is written off.

It is widely publicised that in an IVA, you can get a significant portion of your debt written-off. In many cases, this is true. But remember that your IVA is always based on the amount you can reasonably afford to pay towards your debts.

If this means you can reasonably afford to repay 80% of your debt over five years, only 20% of your debt will be written off in an IVA. Equally, if the most you can reasonably afford to repay is 20% of your debt, your creditors may agree to write-off the remaining 80% of your debt.

The key point is that the amount creditors are prepared to write-off depends on your individual personal and financial circumstances.

Click on the links below to see how we’ve helped all the people who found themselves in all these different circumstances!

Want to avoid bankruptcy? Think an IVA might be the right solution for you? Many people choose to call us on 0800 280 2816 for free no-obligation debt advice, while others prefer to fill in our online Debt Help form so we can call them back.

More Information on IVAs

*In the case of a one-off lump sum settlement