Know the eligibility to apply for the IVA proposal
You might not know when you will start facing the problem of finance and that’s why you need to make sure that you take care of the debts. It is very important that you pay your debts on time and if you get any difficulty in paying money to the creditor, then you can decide to take the help of IVA. You might be facing difficulty due to some financial reasons or some other problems but it becomes important that you make sure that the creditors don’t come to your home to create any problems for you. Although, the IVA proposal can be beneficial for you might face some problems with it when the proposal isn’t accepted by the creditors. In case, you won’t keep up with your monthly payments, then it is a high risk of becoming bankrupt soon. You won’t be allowed to take credit until you will make the whole arrangement.
Who is eligible for the IVA proposal?
No specific guidelines or rules have been made for the eligibility of the IVA proposal but it is a kind of Government guidelines which is basically designed for helping the people. When you will submit your proposal, then the IP will check out if your proposal is beneficial for creditors and you. There are some of the people who have to meet certain requirement s if they want to pay a particular amount of debts. If you have two or more than two creditors, then you can apply for this proposal in most of the cases.
Your unsecured debts should be around 4000 euros otherwise you may not get the permission from the government to pay the debt in five years. The person who will apply for IVA proposal must pay around 70 euros every month into IVA. The citizen of Northern Ireland, England and Wales can apply for it without any difficulty. The person who wants to apply for it should have particular income otherwise no action will be taken by the professionals. Almost everyone can apply for it if the person can pay the debt within five years.
What kind of debts is mainly included in the IVA proposal?
When you will apply for IVA, then you can do it for a variety of loans, credit cards, HMRC debt, catalogs, gas arrears, overpaid benefits, water and electricity arrears along with other unsecured debts. If you have given debt to your friends or family, then also you can also apply for IVA proposal. The only thing you will need to do for paying off council tax debts is that you fill the form for IVA proposal as soon as possible. This will help you to prevent any problems caused by creditors. So, you can visit the official website of the tax debts and then you can fill out the form by following the simple steps. Your proposal will be confirmed if the professionals will think that you are eligible for it otherwise your proposal can also be rejected.