If you are in large amounts of unsecured debt, then an IVA may be a suitable solution to these problems – but how exactly do you go through the IVA application procedure?
There are a number of different criteria that must be met to be eligible, but you must also be represented by a trained professional if they are to apply for the procedure on the individual’s behalf.
There are various companies/professionals that offer 'debt advice' in this country. Since the very well documented credit crunch many people have sought such advice.
Do you qualify? Your debt needs to be at least £15,000 and you need to provide proof that you are in a position to make minimum repayments of at least £200/month.
You will need to find an insolvency practitioner, your local Citizen's Advice Bureau is probably a good place to start, both for good initial advice and to help you find a practitioner.
What you need to know
What goes on?
Advice on remaining debt free
