Actually qualifying for an IVA is based on certain predetermined criteria, and even though you may want to apply for an IVA, you won’t be able to without qualifying for an IVA first.
Therefore you should try to establish whether or not you qualify for an IVA at the outset.
To qualify for an IVA you must:
- Have enough debt to qualify for an IVA: You will need to have at least £15,000 worth of unsecured debt to be able to qualify for an IVA.
- Have enough creditors to qualify for an IVA : You will need at least 4 creditors to qualify for an IVA, though this can fall to 3 creditors with larger debts of £30,000 or more
- Afford the minimum monthly repayment for an IVA. You will need to be able to afford the minimum repayment your creditors will expect from your IVA before you will be able to qualify for an IVA. This minimum payment will be related to the amount of debt you have, and should be at least £200 per month as a minimum.
Once you are happy that an IVA is the right way forward, you should make contact with My IVA Adviser.
We specialise in helping people enter into IVAs with their creditors, and whilst we can’t influence whether or not you will qualify for an IVA, we can certainly help all those people who do qualify take their IVA application through to the next step in the IVA process.
Making the choice as to which is the best IVA company to help you is crucial in the whole process, but what ever you do, you should make sure you choose an IVA company that does not charge any up front fees.
Call My IVA Adviser now on 0800 088 7503 to find out if you qualify for an IVA.
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