www.iva.co.uk

How long do I have to of had the debt for before I can apply for an IVA and does all the debt have to be in my name

Yes the debt has to be in your name.

If you have just taken a new loan or credit card in the last 6 months and trying include in an IVA then creditors wont favour this as you have taken on credit knowing you are going to struggle to pay back. However if there is a genuine reason for you taking on extra debt, as you possible thought you were doing the right thing then it can be argued.

How long ago are you talking about and was a consolidation of other debts with the same bank as these are factors that need to be considered.

Carl

Hi angel and welcome to the forum

There is no specific time limit, but common sense would prevail. Creditors will expect to understand why you have got yourself into financial difficulties, and the steps you have take to try and resolve those over a period of time.

A lot of creditors will not support IVAs if their debts are less than 12 months old.