If you are in debt you may wish to consider whether an IVA (individual voluntary arrangement) for single people is suitable for you. This may depend on your individual personal and financial circumstances. There are typical criteria that you may need to meet in order for you to be accepted for a single IVA.
- You generally need to have debts of over £15,000 in order to be eligible to apply for an IVA;
- You generally need to have more than two creditors in order to be eligible to apply for for an IVA for single people;
- If you are having trouble repaying your debts but do not want to file for bankruptcy then you may wish to consider an individual voluntary arrangement application;
- You may wish to consider your current financial situation when considering an individual voluntary arrangement. IVAs are typically calculated on your monthly incomings and outgoings;
- Payments are assessed on an individual basis. They are generally based on what you can afford to pay after your essential monthly outgoings are taken into consideration;
- Usually IVAs last for five years. You may wish to consider the length of time it may take to repay your debt when deciding whether an IVA is suitable for you. If you are concerned that you may not be able to meet IVA payments for this period of time then you may wish to consider an alternative way of repaying your debts;
- An IVA for single people may be noted on your credit file and may affect your credit rating in the future. You may wish to consider this if you are considering making an IVA application
- If you are on income support you may not be eligible for an individual voluntary arrangement. Other ways of repaying your debt may be more suitable for you;
- If you enter into an agreement it is generally not made public unlike bankruptcy;
- If you have any valuable assets you can sell you may wish to consider putting these towards an individual voluntary arrangement in way of a lump sum;
- If you are a professional you may have terms and conditions written into your contract regarding having an agreement. You may wish to check your contract if you are considering applying for an IVA.
There are many things to consider if you are thinking about applying for an IVA for single people. You may wish to seek specialist advice to find out whether you are eligible.