Will an IVA Destroy My Credit Rating?
Edward Woodwards asked:
There are individuals who face the issue of debt problems to such a great extent that they are compelled to apply for an IVA. Therefore, if you have a significant debt problem that you feel you do not have the capability to deal with, a debt amounts to over £15,000, you are eligible to commence or file for a legal process for your assistance. This is known as IVA (Individual Voluntary Agreement).
IVA indicates that the debtor’s creditors shall be willing enough to reduce the amount of the total debt and in turn, an offer of reduced repayment would be settled to get over the problem of debt. Therefore, by entering into an IVA, the total amount of debt repayment that includes the costs as well can assist you in clearing your debts in around 60 months.
Moreover, payment is usually accustomed to be made over a relaxing period of five years, after which the remainder of the debt is written off. Ho Read more…