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Posted: Thu Jan 12, 2012 9:30 pm
by Dizziediva2011
What is the minimum amount of debt you have to owe to be able to start an IVA?
Posted: Thu Jan 12, 2012 9:35 pm
by kallis3
Hi,
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?
Posted: Thu Jan 12, 2012 9:38 pm
by Dizziediva2011
I was asking for a friend they owe less than 10K
Posted: Thu Jan 12, 2012 9:43 pm
by kallis3
£10k is probably not enought.
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.
Posted: Thu Jan 12, 2012 9:55 pm
by Dizziediva2011
They have a mortgage with equity.
Posted: Thu Jan 12, 2012 10:01 pm
by kallis3
In that case then a DRO isn't suitable for them.
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.