An individual voluntary agreement (IVA) is a legally binding agreement between you and a creditor to pay back debts over time. Essentially you must be insolvent. Simply meant your combined debts must be higher than your combined assets. Furthermore, not all creditors approve the application, especially when they can secure the debt against your home with either a legal charge (mortgage company) or a charging order.
As a general rule, you will be eligible for an IVA if you have some available income, have unsecured debts of over £10,000 and live in England, Wales or N Ireland (residents in Scotland will need to consider a Trust Deed instead). If you meet a good majority of the criteria above, you have a good chance of being approved for an IVA.
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