Qualifying for an IVA

If you meet the following criteria, you can apply for an IVA with UK Debt Service:

• Reside in England, Wales or Northern Ireland
• Have £5K+ debt
• Owe this to 2 or more creditors
• Have an income which can be used for consistent monthly payments e.g. from employment/retirement

While this doesn’t always guarantee that you’ll be accepted for an IVA, it can be a good starting point to help you understand whether this debt solution could be right for you.

Anticipating any upcoming changes to your circumstances? If you’re in the application stages, you should think about whether you would still qualify. These changes could be good or bad and can include a significant reduction in your debt, losing your regular income or moving abroad, all of which could mean that you are no longer eligible for this debt solution. If these changes become likely during your application, your Insolvency Practitioner can help you understand your options.

If you experience any changes to your circumstances during the IVA, such as an increase or decrease in income or adjustments to your regular payments, these must be reported to your IVA supervisor. They can review the situation and help decide what happens with your IVA moving forward. If you find that you’re unable to keep up with the IVA payments agreed with your creditors, you might be able to apply for a reduction in payments or a payment holiday. If your circumstances change for the better, you may need to increase your contributions which could help clear your debt sooner.

If you’re struggling with debt and want to know if you could be eligible for an IVA, speak to a member of our team at UK Debt Service who can provide all the information you need. We can help you understand all solutions available based on your individual circumstances.