IVA Articles
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IVA : Can I Still Use My Credit Cards ?
When an IVA has been agreed at the Creditors Meeting the IVA becomes a legally binding agreement.
One of the conditions attached to the IVA, and stated within the IVA proposal, is that whilst the IVA agreement is active, the debtor will not continue to use, or apply for, any credit facility.
This, on the face of it, may seem like a difficult undertaking to make. However, when an IVA is being prepared, there are quite stringent IVA budgeting calculations which are used to ensure the debtor will be able to afford their everyday commitments, without the need to borrow any more money whilst in the IVA.
Take this link to read our article about learning to live without credit when in an IVA.
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