You need at least two creditors and three lines of credit for an IVA. The level of debt required does vary between companies. Some will take less than £15k of debt, others won't.
How much debt do you have?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They could consider a debt management programme or, if they don't own their own house or have more than £50 a monthy disposable income then they may well be eligible for a Debt Relief Order.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I suggest that your friends speak to an expert - there are a lot of companies that could help with a DMP.
Tell them to visit www.iva.com for a list of companies and give one or two a ring for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
