Your eligibility for an IVA will be determined by your personal and financial situation.
You must be an English, Welsh, or Northern Irish resident. You may be residing or working abroad currently. However, those residing in Scotland or outside the United Kingdom are not eligible.
Your unsecured obligations must be greater than $15,000. Setting up and supervising an IVA is a costly endeavor, so it would not be prudent to establish an IVA for smaller obligations.
3. You must be able to pay at least a 30% dividend to your creditors. Creditors typically reject an IVA that pays them less than 30 percent of what is owed to them.
4. You must be insolvent, which means that you have no tangible assets that could be used to repay your debts. This criterion prevents debtors from utilizing IVA as a means of avoiding full debt repayment.
You must owe money to a minimum of three distinct creditors. You cannot owe three debts to a single bank.
Either you must be employed or you must have a steady income stream. You should be able to provide proof of a stable income. Typically, the criteria stipulate that you must have a disposable income of at least £200 per month.
The IVA team will determine your eligibility based on whether you satisfy the aforementioned criteria. All of these criteria are flexible, and creditors will evaluate each case on its own merits. If you do not qualify, you may be referred to alternative debt relief options, such as debt management or credit counseling.""
" - https://www.affordablecebu.com/
