Is an IVA right for me?
ClearDebt IVAs are often available to people with lower debts
than our competitors will accept.
Is
an IVA right for me? »
Unlike the £15,000 or £20,000 minimum set by some of our
competitors, ClearDebt can propose IVAs for people with unsecured
debts of around £10,000 - and sometimes even less. Our fees (which
are paid out of the monthly contribution you make and approved by
your creditors) are often lower than our competitors, allowing more
of your money to go to your creditors.
However, there are a number of criteria you must meet if you are
to propose an Individual Voluntary Arrangement
(IVA):
IVA Criteria
- You must be technically insolvent. This means that you must be
unable to pay all of your debts as they fall due for payment.
- If you wish to propose an IVA with an interim order you must
not have proposed one within the past 12 months.
- You must have someone willing to act as your nominee. This
person must be a licensed insolvency practitioner who is regulated
by one of the Recognised Professional Bodies. ClearDebt Limited is
a firm with its own licensed insolvency practitioners and we will
deal with every aspect of your case from start to finish. We do not
just collect your information and then refer it, for a fee, to a
panel of insolvency practitioners (which is what many other
providers actually offer).
ClearDebt believes that as long as your IVA proposal has a
realistic chance of success and you meet the criteria set out
above, an IVA may be considered.
What is most important when considering whether to propose an
IVA or not is whether the proposal is fair to both your creditors
and to you. In our experience this means that you must be able to
make a minimum monthly contribution of £160 over, usually, a
maximum five-year period.
In many, but not all, cases you will owe more than £10,000.
Taking the two-minute ClearDebt Analyser test now will give you a
personalised initial assessment of whether a ClearDebt IVA could be
right for you, taking into account all the information that
contributes towards making a successful IVA proposal.
Could
I Obtain an IVA? »
