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?
You will initially need to get in touch with a specialist debt management company. 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 a loan?
This is by no means a loan. The company you choose to use do not lend you any money at all, they simply make arrangements with the people you owe so that the amounts you are paying are reduced to a more manageable level.
Will interest and charges be "stopped or frozen"?
The interest and charges on your debts may not always be stopped. However, it is generally accepted that if a debtor is in financial difficulty then stopping any further interest or late payment charges is a plausible option.
How long does it take?
If you get in touch with the company today then they should usually start work on your case the same day. Within a month they will have set up arrangements with all of your creditors to make an improved payment plan.
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?
If you receive any correspondence from your creditors after the agreement is set up you should pass it on to the debt company or give their phone number to the creditor.
Do the creditors have to accept my offer?
Your creditors are not obliged to accept your revised 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.