Calculating if you qualify for an IVA

An Individual Voluntary Arrangement or IVA is a government-approved way of finding a manageable way out of your serious debt problems. The best way to find out more information is to speak to a qualified and licensed Insolvency Practitioner (IP), who will take you through the various options and provide you with the type of information you might need before deciding if it’s the option for you. Nonetheless, before you visit an IP, you might like to work out or calculate if you qualify for an IVA, you don’t want to waste any time in resolving your debt problems.

Look at this list and think about which apply to you. Add up the points and see if you qualify for an IVA:

• Mountains of debt that you cannot afford all the monthly repayments on (5 pts)
• Debt Size of £15,000 or more (30pts)
• Mainly Unsecured Debts such as Store Cards, Credit Cards, Overdrafts, Bank Loans, Inland Revenue Bills, Finance Company Loans or ALL of the above? (20pts)
• A property with or without equity in it (25pts)
• Evidence of a Regular Income in a Permanent Job (50pts)

Once you’ve added up the score, compare it to the list below.

5-35pts: If you have mounting debts, but no assets and no job, speak to an Insolvency Practitioner about Bankruptcy or other options that might be available.

35pts +: You can be considered for an Individual Voluntary Arrangement. Contact your local Insolvency Practitioner about further information on an IVA, or other options that may be available to you at this time.