Is an IVA right for me?
ClearDebt IVAs are often available to people with lower debts
than other debt management companies who do IVAs will accept. To
find out if an IVA is right for you, speak to one of our advisors
now by completing our online contact form:
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 IVA fees (which are
paid out of the monthly contribution you make and approved by your
creditors) are often lower than our competitors, making it more
likely your creditors won't seek to vary your IVA or vote against
it.
Is and IVA right for me - do I meet the criteria?
There are a number of criteria you must meet if you are to
propose an Individual
Voluntary Arrangement (IVA):
- You must be technically insolvent. This means that you must be
unable to pay all of your debts as they fall due for payment, or
that you have insufficient assets to repay your debts and
liabilities.
- If you wish to propose an IVA with an interim order
(usually unnecessary for a consumer IVA, but sometimes helpful for
self-employed people) 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 IVA 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 debt
management providers do).
ClearDebt will only put forward an IVA proposal for you if it
has a realistic chance of success and you meet the criteria set out
above. an IVA may be considered. More than 95% of the IVAs we
put forward are approved.
What is most important when working out if proposing an IVA is
right for you 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. It's worth noting that there can be
negative consequences to IVAs and you can read more about these on
our Frequently Asked
Questions about IVAs page.
In many, but not all, cases you will owe more than £10,000 on
credit cards and unsecured loans and, possibly, arrears of rent and
mortgage. Your mortgage and rent payments going forward are
included in the living allowance you are allowed to retain, so your
occupation of your home should not be threatened as long as you
don't fall further behind. 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.
Complete our online contact form now »
