IVA: Credit Card Debt Solution

Credit card debt is a fact of live for many people, as there are now more credit cards in the UK than there are people! Most people live with certain amounts of manageable credit card debt, but it is when you have a problem paying these bills that you might want to consider an IVA; credit card debt can be consolidated.

IVA: Credit Card Usage

When your creditors vote in approval at the creditors meeting, you will be bound by the terms of the IVA. Credit card use within your IVA is prohibited, as one of the conditions in the IVA proposal is that the debtor does not continue to use or apply for any form of credit.

Although this might seem difficult, it is important to remember that excessive use of credit card spending could be one of the reasons which caused your debt problem. As payments to your unsecured debt are reduced, you should not find it a struggle to live within your means and, whilst on an IVA, credit card free.

IVA: Credit Card Debt Solution Advice

If you have got to the point where you cannot afford to pay the bills, then the sooner that you seek specialist advice, the sooner you can begin to deal with your debt problem.

To find out more about how to arrange an IVA, contact us today. IVAs.co.uk have a team of specialist IVA advisors who can also offer you advice on a range of alternative debt solutions, such as debt management.

To see if we can help make your credit card debt more affordable, contact the IVAs.co.uk team on 0808 131 9103.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)