Can I use a credit card while in an IVA?

It is generally not advisable to use a credit card while in an Individual Voluntary Arrangement (IVA). An IVA is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. As part of the IVA process, you will be required to make monthly payments towards your debts, and it is important to be disciplined and consistent in your efforts to make these payments.

Using a credit card while in an IVA can make it more difficult to pay off your debts and may result in the IVA being terminated. It is generally a good idea to avoid using credit while in an IVA and to focus on paying off your debts as quickly as possible.

If you have a credit card that you were using before entering into an IVA, it is a good idea to speak with your IVA provider, also known as an insolvency practitioner, about the best way to handle the card. They may recommend that you close the card or that you only use it for essential expenses.

If you are considering an IVA and are not sure if it is the right option for you, it is a good idea to speak with a financial professional or an attorney for advice. They can review your specific situation and help you determine the best course of action.