Online Calculator | IVA Debt Help FAQ Part Two

IVA Debt Help FAQ Part Two

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.

Who is eligible for these agreements?

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. 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?

When the agreement is proposed to your creditors, if 75% of them accept i then the others also have to accept it as well. 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 costs will I have to pay?

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. 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.

Filed Under Online Calculator | Leave a Comment

Tagged With , , ,

Comments

Leave a Reply