Debt IVA calculator

Would I qualify for an IVA?

An Individual Voluntary Agreement (IVA) is an alternative to bankruptcy, entered into by individuals who need help taking control of their debt. The IVA Qualification Calculator can help you to determine whether this debt management solution is right for you. First enter the total amount that you owe, whether to individuals, credit card providers or companies. Next, enter the amount that you could afford to pay back each month, once household bills, your rent or mortgage payments and any other essential monthly costs have been taken into consideration. This is known as your disposable income.

The final step is to enter the number of creditors that you owe money to. As a guide, you need to have 3 or more creditors, owe £15,000 or more (or £10,000 if you are in Scotland, where the equivalent financial product is a 'Trust Deed'). If you enter into an IVA, it will usually last for five years, after which time, any remaining debt will be cleared. However, this is not an easy solution, and it is one that requires commitment and a responsible attitude towards repaying your debt. An IVA programme is managed by a licensed professional known as an Insolvency Practitioner (IP). After you have used the IVA Qualification Calculator to determine whether this is the right debt solution for you, visit our debt management pages and request a confidential callback from a debt specialist.

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