IVA Credit Impact

How An IVA Affects Your Credit Rating

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How An IVA Works

People throughout the UK are finding themselves in deep debt. Credit card payments become too much for them to keep up with. There is help available to these people. If you are deep in debt and do not know what to do you might want to consider an IVA. There is something that you should realise, however. During and right after an IVA credit will be hard to come by. If you own property and it has equity you may have to refinance and use that equity to pay your creditor.

IVA stands for Individual Voluntary Arrangement. It is an agreement that is made between you and your creditors. This is a formal agreement that is binding for all parties involved. In an Individual Voluntary Arrangement you agree to pay back a portion of what you owe your creditors. This can be a small percentage of what you actually owe. After about five years your debts are considered settled.

Your creditors have the right to vote for an IVA. If creditors for seventy five percent of the money owed agree to the IVA it will go through. You must use an insolvency practitioner to do an IVA. They will deal with your creditors for you. They will ask you questions pertaining to your financial circumstances and use that information to come up with a payment plan. The payment plan will be discussed with your creditors who then vote on whether it is acceptable to them.

Once an IVA is in place your creditors cannot come after you. They cannot force you to go bankrupt as long as you make your monthly payments. If your financial circumstances change while you are on this arrangement your insolvency practitioner may make changes to your payments. Payments that you make are made to the insolvency practitioner who then makes sure it goes to your creditors. The insolvency practitioner must be properly licenced.

You may be forced to get a refinance loan on your home or property. The equity that your home has accrued will go towards paying your debts. This is very common. There are banks who deal mainly in IVA credit for refinancing.

Shortly after the completion of the IVA credit will return to good standings. You will be able to get unsecured loans again and purchase things on credit. You will want to be careful as you do not want to end up in the same trouble you just got out of. Try to avoid credit cards and store credit. Purchase items with cash and try not to live above your means.

If you think your credit is too bad for an IVA or you have no means to make payments, you may want to go bankrupt. Bankruptcy should be used as a last resort. It will damage your credit for many years, much longer than with an IVA. Bankruptcy can also affect your job. This is true of military jobs and police jobs. You cannot be in any of these positions if you file a bankruptcy. An IVA on the other hand does not affect your job. You can even hold public office while going through an Individual Voluntary Arrangement. This arrangement is not publicised for everyone to see like a bankruptcy is. With bankruptcy it is put in the papers and everyone can see that you have filed for bankruptcy. If you have lost your job you may have no other choice however. A bankruptcy will at least get the creditors to leave you alone.

Credit Following An IVA

By being careful after your credit record becomes clear again you will be able to prevent creditors from calling you. It is important to buy as much as you can using cash and not credit. Just because your credit is good again does not mean you should charge everything. Buying on credit is what gets many people in hot water to begin with. Keep your credit good so you can get unsecured loans for vehicles. Maybe you are in the market for a new home, if your credit remains good you will stand a good chance of being able to purchase it. Look how easy you ended up in debt to begin with, once you get out you will want to remain credit card free. Do not pay those high interest rates when you can pay cash just as easily.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.