Apply Iva
All the Help and advice you need to apply IVA is here
Frequently Asked Questions
Will My Credit Rating Be Affected?
If you undertake an IVA, you will have to give up all your current credit facilaties (eg credit cards, loans, store cards etc) and you will not be allowed to take any additional unsecured borrowings. However, this situation will only last until your IVA is completed. After it is complete, your credit rating will be restored and you will be able to borrow again whenever you like.
After your IVA is complete, you will be able to take out secured borrowing such as taking out a mortgage to buy a house. In fact, it is possible to take out or change a mortgage even while you are still within an IVA but you will need to make sure you get the advice of your Insolvency Practitioner before doing so.
The bottom line is that undertaking an IVA does not mean that you are “Blacklisted” forever In fact, your credit rating will be repaired much faster than if you carried on struggling with your debt on your own and continued to miss payments.
Are There Any Restrictions on Who Can Undertake an IVA?
Generally speaking no there isn't. Anyone can undertake an IVA as long as they are able to stick to its terms which are far easier than trying to struggle with the mounting interest and debts.
How Long Will My IVA Last?
This will depend on your individual specific circumstances. However, an arrangement will typically last 5 years. If you receive a cash windfall or lump sum while you are in an IVA, it may be possible to offer your creditors a settlement and complete the arrangement sooner if you wish to do so.
How Much Will I Have to Pay Into My Arrangement?
Your monthly payment will be based on your disposable income. This is what you are left with after you take away your reasonable monthly living expenses (excluding your debts) from your monthly income. This figure will depend on your personal circumstances and will be agreed between you, Apply Iva and your creditors. Normally the monthly payment will not be below £200, but it is guaranteed to be alot lower than your original monthly payments.
What happens if I miss a payment?
During your arrangement it is important that you try your very best to make every payment as set down in the terms. However, if you need to miss a payment for any reason, this may be agreed with your IP. However, creditors often stipulate that no more than one or two payments can be missed during any 12 month period during the Iva.
What Happens After The IVA Ends?
Once you have made your final payment (as specified in the terms of your agreement), you will be cleared of all debts included within the arrangement. Any outstanding balances of these debts will be written off and you will be free of these debts for ever. You will never have to worry about these debts again !
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