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:
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 £5,000. 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.
There are a number of criteria you must meet if you are to propose an Individual Voluntary Arrangement (IVA):
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.
Trying the quick IVA estimator 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.