Our Minimum Level of Debt for an IVA

By law, there is no minimum level of debt for an IVA. But due to the costs involved, there must be a minimum level of debt to allow for a substantial repayment to the creditors.

A lot of IVA companies will only propose an IVA for debts that exceed £20,000. However, often people owe more than they realize. With this in mind, many IVA companies advertise their services for debts of £15,000, knowing that most people who believe that they have debts of around £15,000 actually owe more. Most companies rarely accept cases for debts of £15,000 or less.
Due to our lower charges, we routinely have IVAs accepted for debts of around £15,000, as well as many for £10,000 - £12,000. We've even had IVA proposals accepted for debts of £8,000.
By law, there are no minimum monthly payments for an IVA. Most IVA advertising refers to minimum payments of £200. Our lower charges mean more for the creditors, hence lower minimum payments – thus, we are able to get a lot more people accepted onto an IVA. We have a lot of clients who pay as little as £150 - £170 into their IVAs. Some even pay as little as £140 per month.