DebtOptions

Successful IVA applications

An application is more likely to succeed if you can say ‘yes’ to all of the following:

• If you add all your debts together, do you owe more than £15,000 in total?
• Do you owe this to 3 or more different institutions?
• Do you regularly receive a salary, income from self-employment or any other source, to keep up with regular monthly repayments?
• Do you have at least £200 left over every month after household bills and essential living costs are paid for?

If the answer to any of these is ‘no’, we can still help you find other routes out of debt if an IVA doesn’t appear to fit your situation. If the answer to all of these is ‘yes’, you can work with our debt advisors to put you in contact with an experienced Insolvency Practitioner who will guide you through every step of your application.

Working with your IP

Your IP will work with you to ensure your IVA proposal meets the criteria required for acceptance. One key aspect is that the proposal includes a payment plan which has reasonable amounts kept back for your living expenses, such as household bills, food, running a car if applicable and so on. Please note that Individual Voluntary Arrangements applications may be challenged by creditors if these amounts appear too high or low to them.

Your IP needs to be able to present a ‘Nominees Report’ to the court that represents your credibility to adhere and keep the terms of any agreement.

Things to bear in mind

Bear in mind these recommendations should not be taken as set in stone – individual circumstances vary and it is sometimes possible to negotiate the terms of an IVA to reflect this. Call our team or get in touch with us online and we will be able to give you free, professional and impartial advice on whether you are likely to meet the criteria for a successful IVA application. We can still help you find other routes out of debt if Individual Voluntary Arrangements wouldn’t appear to fit your situation.