A Selection Of The Most Frequently Asked Questions About IVA Debt Help

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. You should definitely consider using these arrangements if you are struggling with the amount that you are paying each month.

Is everyone able to use these arrangements?

Different companies can have different requirements in regards to the minimum level of debt required. Generally speaking as long as your debt is at the required level and you can afford to pay an amount of at least around £200 then you should be ok with these agreements.

Will my current credit situation be affected?

For the duration of the payment plan you are only able to use pre paid cards, all credit and store cards that you may have previously used are no longer allowed. You can usually still take out a mortgage whilst in an agreement but you should always seek advice before doing so.

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. You may have to consider declaring yourself bankrupt if the necessary number of creditors do not agree but it is possible to amend the proposed arrangement.

What will the agreement cost me?

When the company you go to calculate how much you can afford to pay each month they will include their own fees in this figure. The benefit of this is that their fee is factored into the new monthly payment and you wont have to worry about making a payment to them.

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. Choosing this option can be one of the best ways of ridding yourself of the financial burden you find yourself in but you must make sure you look into things properly before going ahead.