What are the criteria for IVA

It is always important for you to ask yourself one question before you apply for IVAs. The question is “do I qualify for an IVA?” Most times it is this question people fail to ask themselves and they end up in trouble. For your own good make sure all these questions are asked, as it should be. Generally, it is an Insolvency Practitioner will have you checked to know if you qualify. If you do not qualify there is no way you will be asked by the insolvency practitioner to go on with the process. That is why it is important for you to have all the right checks done.

Below is the requirement you must meet to qualify.

1.       You must be in-debt to £5000 at least or less. This is very important.

2.       You must have at least 2 credit lines and it matters a lot.

3.       You should have a regular source of income.

4.       An individual voluntary arrangement must offer you with high returns for you than bankruptcy will.

5.       You must be ready to pay £70 at least every month into individual voluntary arrangements. If you cannot then there will be a problem with your qualification.

6.       You must be a resident of Wales, England, or North Ireland.

You can meet the IVA criteria when you pass these methods. However, an Insolvency Practitioner always decides in the end.

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