qualifying criteria for IVA

[ajit]

I am really intrested in it,so pls let me know the qualifying Criteria, also i have a mortgage, so can i club this to IVA???

[MelanieGiles]

Hi ajit and welcome to the forum

The criteria for IVA acceptance varies from practice to practice - but generally you have to have more than three creditors with a disposable income of more than £200 (often you may be quoted £250). As an IVA only covers unsecured debt, your mortgage could not be included. How much do you owe to unsecured creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
And you must actually be insolvent.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva_squirrel]

Good evening,

To qualify for an IVA, your debt needs to be at least £16500 (there is no upper limit).

Creditors are aware that IVAs are much more likely to be successful if the debtor is working full time and therefore able to make regular repayments.

Also, the debtor should have three or more different creditors.

The debtor should be able to afford a minimum of 25% plus costs of what is owed.

The debtor should not have any realisable assets which could be used to discharge their debt. i.e equity in a property, shares or savings etc.

Could you tell us how much equity you have on your property?

Kind regards,





Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

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