Get an IVA – Do you meet the criteria?

So, before you decide to apply for iva, check these:

1. You need to have more than 2 or at least 2 lines of credit. That is one thing that should stand out.

2. You must owe creditors a total of £5000 or more. 

3. You need to have a regular income source or sources.

4. You need to weigh both IVAs and bankruptcy to know it has much more to provide or offer you.

5. You need to be prepared to pay a monthly sum of £70 or more for this arrangement. If you cannot then there might be a problem.

6. You should reside in North Ireland, Wales, or England. 

Although the above criteria are not something that many insolvency practitioners strictly abide by, you need to pass them to make their work easier. You need to meet such criteria. When things are made easier in this way, you will have nothing to worry about.

What is the minimum debt level for an IVA?

There is an official amount that is a minimum for applying for IVAs and that is £5000. Nonetheless, this will be dependent on the IP or insolvency practitioner handling your issue. So why should it be £5000 minimum? This amount is written because it is the common figure that most providers work around. It is used more in checking. When you decide to apply for an IVA nothing can go wrong when you know what you are about. For more information visit website #https://www.iva-advice.co/apply-for-an-iva.html.