There are some conditions which need to be met in order for an IVA to be accepted, and indeed to be sure that it is the right solution for you. We would recommend speaking to a Welcome Solutions advisor to gain a full understanding of the procedures and implications.  The following are some simple guidelines:

Minimum unsecured debt of between £15,000 - £20,000 with no maximum.

Minimum payments of between £250 and £300 per month with no maximum. 

• Your income must be stable.

An IVA is an alternative to bankruptcy, enabling a person in debt to make a proposal to the people they owe money to. The proposal must be approved by a majority of the creditors, which then binds all parties and prevents any further action.

The application and set up process takes around 4-6 weeks from the point of application.     The majority of the work is done for you, but you will be required to provide evidence of things such as income, essential outgoings, etc., and sign documentation.

Once the IVA has been approved, creditors are required to freeze all interest, and are   prevented from taking any further legal action.