I am currently struggling to make monthly payments to my loans, I have 3 separate loans but 2 of which are with the same creditor meaning I only have debt with 2 creditors, could I still qualify for an IVA?
you do have to have 3 or more creditor and over £15000 debt for a iva not sure if yours can be classed as 3 or 2 creditors but there are plenty of people who will be able to tell you.
Hi Gemma - welcome to the forum. The criteria on IVas are not as strict as they used to be so therefore yes you could potentially apply for an IVA with the number of creditors you have. Whether an IVa is viable for you depends on a number of factors and it is best to speak to 2 or 3 experts to discuss your situation in full so you know the best way forward.
Only make a decision once you are comfortable and understand the implications of all options.
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If my failing memory serves I think I remember reading 3 lines of credit totally £12k or more. Doesn't matter if they are all with same place. I had Cc and OD with HSBC as two lines of credit for me.
It used to be either three seperate creditors or two creditors with three seperate lines of credit.
It's not unheard of for an IVA to go through with one creditor but it's very rare.
It's not necessarily £15k now for debt, Cleardebt certainly do them for less than that.
Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free and impartial advice.
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There are no boundaries with regard to putting forward an IVA - you can do it for one creditor owed tuppence if that creditor agrees to it - very extreme example however!
Please don't get confused between protocol and non-protocol IVAs. Protocol IVAs are required to have three lines of credit and at least two creditors, but it is extremely easy for an IP to turn a protocol IVA in to a non-protocol one - in my firm just a few word changes here and there.
I hope that clarifies the position for the original poster, and other confusion.
