If you have several credit cards you can manage but 2 or 3 you cant, because of the high interest rates, can you get an iva for those, but carry on paying the manageable ones with the full repayments.With a partial iva, would your credit worthiness be affected? Thanks
The short answer is no. Although it may be possible to leave out a creditor in very exceptional circumstances, the general rule is if you want to do an IVA you must include all of your unsecured creditors. If you want to set up a plan for some creditors but not others you could consider a debt management plan but there are various consequenses of doing this. One is that your credit rating would certainly be damaged in just the same way as if you had included all of your creditors.
If you are in the situation where you can afford some but not others then it is better for you if you look at your whole sitiation and work out the best way forward. It might be worth speaking to 2 or 3 experts to discuss your circumstances to understand in more detail what you could do and what the implications are - you will be under no obligations.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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No you would not be able to exclude specific creditors from an IVA, part of the Arrangement would be to treat all creditors fairly and why should a few of them write off debt whilst others get paid in full so they would all have to be bound by the IVA.
As Tina has suggested, you need to look at the bigger picture and definatley worth taking some advice.
it is frighteningn to think that you can't pay everything and only sort some, but as Tina said it might be best to look at the bigger picture. An IVA could be the way to go for it all.
its very scary to think you have nothing to fall back on, but at the same time you will have no debts or overdraft or worries about how to pay it all. we even have savings, not much but enough to do what we need to when we need it.
Have a chat with an expert about your position at the moment. Visit www.iva.com for a list of companies and reviews and give one or two a ring. The advice will be free and impartial.
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