When your IVA goes through, you will have to give up your current credit which means that you cannot have any credit cards, store cards or personal loans. You will also not be allowed to take out any further credit during your IVA term.

An IVA is a legally binding procedure, and before you can enter into an IVA your creditors must accept your proposal. Your proposal will be based on how much you can afford to pay your creditors after all living expenses have been deducted, in return they will clear off your unaffordable debt at the end of this period.
If you want further IVA information, please call our DebtsManagement.co.uk advisors today.

If you feel as though you may miss IVA payments or that they are not affordable to you, you need to get in touch with your Insolvency Practitioner straight away.
Failure to make IVA payments on time can lead to bankruptcy proceedings.

When you have completed your IVA, you will receive a “Statement of Completion”, normally within three months of the final payment. The Insolvency Service will also receive a copy of this for their records.

An IVA is a legally binding contract between you and your creditors, and to see if you qualify for an IVA, you need to seek expert advice. Call Debts Management on 0800 0481 777 for more information.
Here are the basic IVA criteria as used by Debts Management:
1. Unsecured debt over £15,000.
2. Cannot afford to pay your debt.
3. Can afford to pay a reduced payment to your debt each month.