Can anyone with debts apply for an IVA?

Debts in the News

Sharp Rise in Repossessions.
Repossessions were up 40% in the first three months of 2008, compared to the previous year – and things look set to get worse. [more...]

Number Of People Going Bust On The Decrease
The number of people declared insolvent in England and Wales fell slightly in the 2nd quarter of 2008. Being declared insolvent mean become bankrupt or entering into an IVA. [more...]

How Long Before You Run Out Of Cash?
The average person's savings would last for 52 days if other income ceased, a report by the Yorkshire Building Society has suggested. [more...]

The average household is 15% worse off than in 2003
Consumer spending power has fallen dramatically due to rises in the cost of living according to a report by Ernst & Young. [more...]

IVA Question

Can anyone with debts apply for an IVA?

No, you must be technically insolvent. There are two basic tests of insolvency.

Your liabilities (debts) are greater than your assets.
You are unable to pay your debts as they fall due.

If both these conditions apply to you, then seek professional advice as an IVA may save you from Bankruptcy.
If only the second point applies, then an informal debt management plan or a home equity release would be the most appropriate course of action to reduce your current debt repayment levels.

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