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. 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?
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. Mortgages are still usually available throughout the length of the arrangement but you should consult a professional before you choose to do this.
What happens if my creditors dont all 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 costs will I have to pay?
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. 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.