Who qualifies for an IVA?
An IVA isn't right for everyone. As a general guide, you'll need to meet a few basic criteria.
Owe at least £6,000
Most IVAs require unsecured debt of £6,000 or more across two or more creditors.
Live in England, Wales or NI
If you live in Scotland, the equivalent is a Trust Deed — different rules apply.
Regular income
You'll need a stable income so you can make a monthly payment for the IVA term.
Affordability
After essential living costs, you need to have surplus income left over each month.
What if I don't qualify?
That's okay — there are other formal and informal options including a Debt Management Plan (DMP), a Debt Relief Order (DRO), or bankruptcy. We can point you in the right direction, or you can speak to MoneyHelper for free, impartial guidance.
See if you meet the criteria.
No pressure. We'll introduce you to a regulated partner who can talk you through your options.
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