If you’re looking into debt solutions in the UK and have decided that an IVA might be right for you then you’ll want to look at the requirements first – to see if you are able to even apply. The IVA minimum debt amount, for example, is £15,000. That debt must also be unsecured. So that means it has to have come from things like credit cards and store cards and payday loans and things like that. You can get an IVA on secured debt.
Another interesting thing is that you can get a lump sum payment. In some cases you can settle up all your debt in one go if your creditors agree to it of course. In certain cases your creditors may even accept a lump sum as final payment – even if that amount will be less than the total amount owed to them.
Examples of this are: you decide that you’re going to sell your car to pay off the rest of your debt or a deceased relative has given you a large chunk of money in a will. There are numerous examples.
The key is that if you can pay off your debt, then you should do so. Get rid of those nagging debts and move on with your life.
When you get to your IVA final payment it means it’s time to relax and enjoy the fruits of your hardwork. And it means that you can get a mortgage or do many other things that you haven’t been able to do.
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