A Selection Of The Most Frequently Asked Questions About IVA Debt Help
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Following on from our first article on the most commonly asked questions about Individual Voluntary Arrangement or IVA Debt Help, here we have provided you with another selection to give you a little more information. If you are finding it increasingly difficult to keep up with your debt payments then these payment plans are definitely worth thinking about.
Is everyone able to use these arrangements?
Different companies can have different requirements in regards to the minimum level of debt required. As a broad rule though, if you meet this level and can meet monthly payments of around £200 then you should be eligible.
Will my current credit situation be affected?
You will not be allowed to use any credit or store cards throughout the durations of your agreement although you can still use pre-paid cards during this time. Mortgages are still usually available throughout the length of the arrangement but you should consult a professional before you choose to do this.
Do all of my creditors need to agree?
Under the terms of these arrangements if less than a quarter of your creditors disapprove then it does not matter as they will be bound by the majority agreement. If there are not enough of your creditors that agree then you may have to turn to bankruptcy although you can come to revised arrangements in the hope that they will then agree.
What will the agreement cost me?
The company that you choose to arrange the plan will add their fee into the monthly payment. This means that you will still be paying the single amount each month and will not be hit with any further bills in the future.
Remember, if you need any further advice or have any more questions to do with IVA debt help then it is important that you speak with a professional. These solutions can be an extremely effective way of getting yourself out of a financial hole but you should ensure that you do full research before you enter any agreement.