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IVA and your job

It’s difficult to say whether or not an IVA (Individual Voluntary Arrangement) is the right choice in any one person’s circumstances. However, your income will be one of the deciding factors in whether an IVA is a realistic option.

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IVA and creditors

If you’re struggling to meet your debt demands you’ll know how stressful dealing with creditors can be. One of the advantages to using an IVA if you’re in this situation is that your Insolvency Practitioner (IP) handles all of the negotiations for you. Also, the terms of the IVA bind the creditors legally and prevent them from pursuing unwarranted action against you.

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What is an IVA Proposal?

When you explore the use of an Individual Voluntary Arrangement, you will be required to put forward a proposal to your creditors. Your creditors will vote as to whether or not the IVA proposal is acceptable to them.

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IVA and your income

The details of an IVA (Individual Voluntary Arrangement) vary on a case by case basis. There are many factors affecting whether or not an IVA will go ahead, and of course whether it will be a success if it does. Your income is always going to be one of the major factors in what happens with an IVA.

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Legal action in an IVA

If your debt situation has ended up with the threat of legal action, it can be extremely stressful. An IVA (Individual Voluntary Arrangement) can be enormously helpful in these cases, and use the law to protect you against such threats.

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IVA and Illness

If you can no longer manage your debts, there is always a possibility that you may become bankrupt. There are options that you can explore before accepting this outcome, one of which is an Individual Voluntary Arrangement.

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IVA and Future Credit

IVAs are used to help people in situations where their debts are no longer manageable. In addition to avoiding bankruptcy, an IVA can put you in a better position to repair your credit rating in the future.

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Considering an IVA

If you’re struggling with debts, it can be tempting to take decisions quickly without taking the proper time to consider them fully. However if you do take this time you are far more likely to reach decisions that will help rather than hinder you in the long term.

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Costs of an IVA

When your finances are in a bad enough state that you are having to consider an IVA (Individual Voluntary Arrangement ), it’s best to make sure you understand the potential costs involved.

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Pay Rise in an IVA

When you propose an IVA to your creditors, you are proposing to pay a certain amount to them over a set period of time, but of course no one can tell for sure what’s going to happen during that period. IVAs are fairly flexible for this reason, as there is a chance that your finances will either improve or deteriorate further once the IVA is ongoing.

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Cant afford my IVA

IVAs are carried out within the legal system, and therefore comprise a legal contract. However, this does not mean that the payment amounts are set in stone. Your Insolvency Practitioner has the responsibility not only of setting up the IVA, but also of administering it whilst it is in progress. This means that they will keep an eye on your finances throughout the IVA period, and may suggest changes to it at any point.

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IVA Payments

IVAs are tailored to individual circumstances, and so there is no way of predicting how much the monthly payments are likely to be. In general most IVAs involve paying at least around £200 per month.

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Is an IVA a good idea?

It’s impossible to say whether or not an IVA is the best possible option in any particular situation, which is why you really need to seek the advice of an expert if you’re considering one. If your debt situation is at the point where you really can no longer manage it, you should speak to an Insolvency professional as soon as possible to work through your options.

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IVA and secured debt

Individual Voluntary Arrangements are intended specifically to be used for unsecured borrowing. These types of borrowing include credit card debts and unsecured loans, but do not include borrowing that is secured against an asset, such as a mortgage or secured loan.

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Can I get credit if in an IVA?

If you have debts that are no longer manageable, and are considering measures such as an IVA to avoid bankruptcy, then you probably need to think twice before considering getting further borrowing before your existing debts have been taken care of.

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Debt and an IVA

When it comes to unmanageable debt, it’s impossible to say what will help in any particular situation. If your finances are becoming a real struggle, you should speak to an expert as soon as possible. If bankruptcy is a real possibility, it’s best to speak to an Insolvency Practitioner (IP).

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IVA and Unsecured debt

IVAs are designed for unsecured borrowing, including consumer debt such as credit cards or personal loans that are not secured in any way. IVAs can be used only for personal debt owed by individuals.

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HMRC and IVAs

The general attitude of people to HMRC is one of healthy respect, recognizing that it is an arm of government just doing its statutory job. When financial problems begin to arise in one’s business that respect can be tinged with anxiety, even worry and occasionally fear.

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Stigma of Bankruptcy

Bankruptcy is often referred to as the option of last resort for people. When you are in financial trouble you are desperate to find a way out. Many people try to avoid being declared bankrupt and some opt for another solution even though bankruptcy may well be the best solution for them.

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Insolvency in Ireland

Back in 2009 we looked at what the prospects were at that time for new legislation which would address the then burgeoning problems of personal debt and for many people the looming threat of personal insolvency.

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We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info Please note: From time to time we may refer you to other services providers or charities such as the CAB.

Money Advice Service

You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.