Will my IVA proposal be accepted?
Generally speaking, from the creditors� point of view, an IVA is the lesser of two evils. If you were to go bankrupt, the chances are the creditors will receive far less money than if you do an IVA. Because of this, even though an IVA would require the creditors to write off a lot of money, they usually feel that half a loaf of bread is better than no bread at all.

An IVA is a debt solution that many people opt for when facing a significant amount of debt. But if you apply for an IVA,will it be accepted?

In practice, your creditors will only accept an IVA if the amount offered is reasonable. That being said, there are other criteria that will need to be met in order for your IVA to be accepted.

With an IVA, most creditors will expect at least 25% of their debts back over the course of five years. Your creditors will look at your finances in detail and work out what they will receive.

The total repayment amount required to successfully propose an IVA is usually between 25-40% of your outstanding debt. Your Insolvency Practitioner (IP) will have to assess your situation in detail before putting forward the IVA proposal.

IVA Acceptance Criteria

You may qualify for an IVA if you meet the following criteria:

  • You have total unsecured debts of greater than �15,000.
  • You have three or more separate creditors.
  • You have disposable income of over �200 per month, assets to release or a third party to contribute to the arrangement.
  • You should have a regular income, which usually means you will be employed full-time.
  • You will be able to allow for necessary living expenses like food, utilities and travel costs.
If these criteria are met, your IVA may very well be accepted. If not, your financial advisor will explore other debt solutions which may better suit your circumstances. .

Do you qualify for an IVA?

For more information see:
IVA Helpline



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