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I am currently researching IVA's and would like to know what are the minimum requirements in terms of Level of Debt and assests. Thanks

Hi
It is generally accepted that you need at least £15000 of unsecured debt. If you own property then you would have to release some of the equity in the fourth year and you have to be insolvent. (have more going out than you have coming in)If you post more details then I am sure one of the technical experts will be along to advise.

Hope this helps
Ang

Hi tracie and welcome to the forum

Various companies have differing criteria for acceptance, so shop around and compare their requirements.

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

Hi Tracie

Technically there is no minimum level. The £15,000 I think comes about because below that the debt starts to look swamped by the fees and creditors don't like that so won't approve the IVA.

There is no minimum asset level. In fact in many ways it's probably better if you don't have any.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

Tracie

In terms of assets, remember you can only qualify for an IVA if you are insolvent. This means that if you have assets of a value which are greater than the level of your unsecured debt (eg equity in a house) then you are not insolvent and would not be able to do an IVA.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk