Being in debt without enough income to cover it is a situation in which no one wants to be found. The first thing that comes to mind when that happens is bankruptcy. But, that doesn’t need to be the case for everyone. Nowadays, there is one pretty good alternative to that. Individual Voluntary Arrangement (IVA) is a government program designed to be an alternative for a large group of people sitting on the brink of bankruptcy. However, IVA is not for everyone as not everyone is qualified to participate in it. There are several ways to check if someone qualifies for IVA, here is an overview on how to check if you or someone else is eligible.
The fastest and most effective ways is online via websites such as http://www.ivadebtcalculator.co.uk . They are easy to use and can help you determine if you qualify for IVA and if so will it be appropriate to your specific circumstances.
An alternative to IVA Debt Calculator is calling an authorized insolvency practitioner. They are trained in debt management with the help of the IVA program. Not only that but they also have the experience to give you honest and quick respond whether you qualify or why IVA is for you. It’s always for the best to first call them and explain them your debt situation. Only by that as well as by few more questions you will answer they will tell you whether you are qualified for IVA. If you meet the eligibility criteria they will arrange a meeting at which they will walk you step by step through the procedure.
On the other hand, even without calling anyone the basic eligibility criteria are pretty simple:
You need to be resident of England, North Ireland or Wales.
To have at least reasonable income
To have a debt over £12.000
To be willing to participate in the program