You are suitable for an IVA if you are experiencing difficulties in making the required payments to your creditors and your debt is £15,000 or more.

If you are a homeowner, an IVA will be more beneficial to you than filing for bankruptcy because you avoid the possibility of losing your home and the arrangement is private. It is also a more attractive option for your creditors as it presents a better result for them.

An IVA is the right option for you if you have a regular, monthly income and you are able to make minimum payments to your creditors of £200 to £300. The IVA allows you to start afresh with your finances, gain more control and relieves the pressure and strain that comes from several creditors asking you to make repayments that you cannot afford. It consolidates your debt into one manageable payment that is then distributed to your creditors.

IVA advisors at Finance Inc. can help you determine whether this arrangement is the right solution for you. It is crucial that you do speak to an advisor, as there are many factors that can impact on the success of your application for an IVA.

See Also:

What is an IVA?

How does an IVA work?

How to apply for an IVA?