Can I get an IVA?

There aren’t black and white rules about who can get an IVA.

Your IVA provider will take into account lots of factors before deciding whether it’s a suitable option for you.

As a general rule of thumb, you’ll usually need:

• a regular source of income
• debts of at least £5,000
• to live in England, Wales or Northern Ireland

Your IVA provider will also consider if you’ve got assets you want to protect, such as your home, a car or expensive jewellery.

In most cases, an IVA won’t impact your employment. But there are some jobs where it might be a problem e.g. if your role involves advising about or handling money.

Read more in our IVAs and employment guide.

Yes, an IVA protects assets like your home.

If you’re a homeowner, you may need to make payment to your IVA for up to another 12 months. This means your IVA is likely to last six years instead of five.

In rare instances, rather than making the extra payments, you may need to remortgage to release equity from your home to pay into your IVA.

Read more about this in our IVAs and mortgages guide.

If you own your car outright, it’s an asset. You may have to sell it if it’s worth a lot, or if you have more than one.

If you’re paying for the car on finance, your creditors will need to decide if the amount you’re paying is reasonable or not.

You should also check if your contract includes a clause giving the finance company the right to end the agreement if you enter into an IVA.

Read more about IVAs and car finance.

In some cases, members of the same household can get a joint or interlocking IVA. This is two IVAs linked together. It can simplify the process if both partners are in debt.