If you are buried in debt and struggling to keep up with your repayments, an IVA could be an option to write off a substantial portion of your debt.
Some debts can be written off with an IVA and some debts cannot be touched. Here is a guide to what debts can and can't be included in an IVA.
Most of your debts will be included, typically:
- Catalogues
- Personal loans
- Council tax arrears
- Overdrafts
- Credit cards
- Gas and electric arrears
- Water bill arrears
- Payday loans
- Store cards
- CCJs
- Income tax and NI arrears
- Tax credit or benefit overpayments
- Debts to family and friends
- Any other outstanding bills (solicitor’s costs, invoices services etc)
Debts that usually aren’t included in an IVA:
- Mortgages and secured loans
- Hire purchase agreements
- Court fines
- TV Licence arrears
- Student loans
- Social fund loans
- Child support arrears
