Individual Voluntary Arrangement or IVA debt help is quickly becoming one of the most frequently used and most reliable ways of alleviating some of the stress that being in debt can put you under. If you find that you are struggling to keep up with your monthly payments then it is worth finding out a little bit more to see if it is the solution for you.
How does it work?
The first step is getting in contact with a professional company who specialise in debt solutions. When you do this they will gather together all of the relevant information and come up with a revised monthly payment plan that is more affordable.
Is this classed as a loan?
This is not a loan in any way, shape or form. The company are not actually lending you anything, all they do is arrange for you to have reduced monthly payments that are more affordable.
Will I still incur interest or charges on my debt?
Any interest or late charges may not necessarily stop as a result of this. However, in most cases, if it can be seen that the debtor is struggling financially then putting a stop to late charges and interest is common.
How long does it take?
Any company you contact will usually start working on your case within 24 hours of you contacting them. Usually they will have came to agreements with your creditors within 30 days to lower your monthly payments.
Will my credit rating be affected?
Choosing this option of debt management may well lead to your credit rating being lowered. This is down to the fact that you are unlikely to be meeting the agreed contractual payments.
What happens if I get letters or contact from my creditors?
Any mail that your creditors send out to you should then be forwarded onto the debt management company for them to deal with.
Do the creditors have to accept my offer?
They do not have to agree to the new payment plan. However, the majority of cases do get accepted because the new payment plans are based on proper calculations of what you can actually afford.
If you require any further information about IVA debt help then you should get in touch with a professional who will be able to give you all the answers you need.
