There is no official minimum and some IVA companies may propose IVA's on less that £12,000. Whether an IVA is proposed is a matter for each company and the Insolvency Practitioner. Factors affecting their decision will include the time required to propose and manage the arrangement, the likelihood of the IVA proposal being accepted, and the revenue gained via the Insolvencies Practitioners fees. These fees are usually taken from your repayments, not you directly.

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I've seen IVAs proposed at 10k, but by and large debts of £15k are better dealt with though debt management plans - purely because they are more flexible and easier to obtain.

For debts of less than 5k there are always admin orders although they are far less well known nowadays.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.