If you are within an IVA or Individual Voluntary Arrangement, the chances are that you have had some serious problems with financial debts. It is likely that your credit card accounts have been closed or frozen because your creditors have agreed to the proposal by which you are paying them back a portion of what you owe them as part of the agreement. Here lies the problem. With an IVA, you will be paying them back a portion of what is owed to them, so it is unlikely that they will see more than around half of what is owed. For this reason, your creditors are not going to want to let you build up more credit or debt with them over this period of time.

If you have a credit card with a low balance, you may still not use it. All credit is included in the IVA agreement, whether it has a low balance or a no balance. The other thing to do is speak to a debt advisor about getting some help with alternatives to credit cards and making your money go further. If you have not been convinced by the seriousness of your IVA situation and your problems with credit, you need to think about it now.

If you absolutely need access to a credit card, perhaps because you have to claim back expenses from a job regularly, consider if someone would allow you to be the second or additional cardholder on one of their credit card accounts. This might solve tricky and pressing situations.

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