If you want to find out through legal means about IVA or its eligibility then you would need to go to an insolvency practitioner or if you want to search up on your own whether you are eligible for it or not then either go to this website or search online and you would be able to find a calculator that would give you the results. There are a couple of things that will help you decide whether you qualify for IVA or not so let us look at them.
Number of Creditors
One of the most important thing that decides the matter is the number of creditors that you might have so when you are making the list or calculating your eligibility, make sure that you note down the number.
Kinds of Debt
There are different kinds of debts that apply to people so you would need to note down what kinds apply to you particularly; credit card, store card, personal loan, pay day loan, overdraft, catalogue, tax credit or over payment, gas, electric or water arrears and income tax or national insurance.
Amount of Debt
Next step would be noting down the amount of debt that you have, even if you verbally know the exact sum, it is better to write it down with the help of the material that shows the amount of debt that is on you.
This is pretty important as the type of property that you live in matters so you would need to write down the type of property whether it is owned, rented, private rent or you live with your parents.
It matters where you live; whether you live in Scotland, England, Wales or Northern Ireland so note that down.