Can I do an IVA?

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.... if I have secured debts?
No, only unsecured debts can be included in an IVA.

.... if my total unsecured debt total is less than £13,000?
No, about £13,000 is the lower limit of debts needed for an IVA (there is no upper limit).

.....if I only have 1 creditor?
Its usual for an IVA proposal to include 3+ creditors. However if you have only 1 or 2 creditors, it is worth talking to an advisor to see if an IVA remains a possibility.

..... if I don't have a job?
Debtors receiving just state benefits eg JSA, are not able to propose an IVA.

....if I receive Disability Living Allowance?
Yes, DLA can be classed as income for the purposes of an IVA.

....if I have a valuable car?
Vehicles represent an asset that has to be declared in an IVA proposal. A new or nearly new car may have to be sold and a cheaper one bought with the balance offered to creditors. It may be necessary to demonstrate the reason for needing a car at all.

.....if I am self-employed?
Yes, it's perfectly possible. An Insolvency Practitioner will want to know details of tax returns as HMRC will be classified as a potential creditor too.

.....if I have debts that are in other people's names?
No, all debts included in an IVA have to be in the debtors own name. A debt taken out for you by a third party is legally-speaking a debt owed by the third party.

.....if I have joint debts with my spouse or partner?
Yes, any debt owed by the debtor either in their own name or joint names have to be included in the IVA. Very often with joint debts, an IVA is presented in an interlocking manner so both parties in a joint debt are covered by an IVA.

....if I am retired?
Yes, income received through pensions can be used to pay debts back through an IVA.

....if I am a homeowner?
Yes, homeowners can certainly propose an IVA. However the value of the house will need to be ascertained and if there is sufficient equity in the property to pay back the whole unsecured debt owed, then creditors will not agree to an IVA. (The debtor is not insolvent).

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  • IVA.com is rated 3.9 on a scale of 5 based on on reviewcentre.com.
    Latest review:
    A useful site that is free to use and full of useful... - by , 01/03/2008
    5/ 5stars
    Good Points
    Very informative with lots of useful information. A lot of reviews on firms that really help understand their customer service and ability. The reviews appear to be genuine as they offer interesting insights. Didn't really use the the map but looks impressive!
    Bad Points
    The site is a bit cluttered and sometimes hard to navigate around.
    General Comments
    A useful site that is free to use and full of useful information about IVAs. If you are thinking of doing an IVA then this is a must use site.