IVA FAQs
Am I eligible for an IVA?
There are three main areas of consideration in relation to your eligibility for an IVA:
- You owe at least £15,000 to a minimum of three different Creditors.
- You live in England, Wales or Northern Ireland
- You have a regular and stable income and will be able to make monthly repayments of at least £200 per month.
Will I automatically be approved for an IVA?
You’re proposal for IVA protection will be voted on at a creditor meeting. Generally if over 75% of your Creditors vote in favour, your IVA will be implemented. Creditors can put forward changes but they cannot force these changes on you – you decide whether to accept them or not.
Can I keep my home?
Normally you will be allowed to keep your home but you will have to release any equity to the Trustee. There are, however, various ways this can be done without the need to sell your home, for example by remortgage.
What does it cost?
We do not charge for advice and we do not charge if your IVA proposal is rejected by the Creditors you owe money to. In an IVA all you pay is the amount you can realistically afford, each month for the period of your arrangement (usually 60 months). This is all you have to pay as long as you maintain the monthly payments. We will deduct our fees from these payments - everything else is paid to your Creditors.
If you have any further questions please contact us on freephone 0800 3777 549.
All solutions are subject to status and conditions apply. Please note that repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and may also be affected in the medium to long term.
