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What is the Purpose of an IVA?

The purpose of an IVA or Individual Voluntary Arrangement is really to strike a balance between creditor and debtor. If you can’t manage to pay your debts as per the agreements you originally took out, an IVA can help you to avoid bankruptcy.

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Income change during IVA

If you’re struggling with mounting debts, you’ll know all too well that it’s impossible to predict what state your finances are going to be in from one year to the next. If you are in an Individual Voluntary Arrangement (IVA) this normally involves a payment plan that lasts a few years. However, it goes without saying that many people will have changes in their finances during this time.

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Miss an IVA Payment

IVAs are a legally binding contract between you and your creditors, but there is an amount of flexibility built into them. Your IVA will be administered by an Insolvency Practitioner (IP), and they will be responsible for monitoring it and you throughout the term.

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Cant do an IVA

When you’re struggling to keep up with your debts, it can seem like you have fewer and fewer options as things get more and more out of control. However, with the right advice you might find that things aren’t as dire as you think.

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Setting up an IVA

If you have decided, with the help of an Insolvency Practitioner, to apply for an Individual Voluntary Arrangement (IVA) to help manage your debts, there are a number of things that will happen. Your IP should keep you informed throughout the process, and will be able to explain what is going to happen at each stage.

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IVA to help Credit Rating

IVAs or Individual Voluntary Arrangements are designed to help people in very specific sets of circumstances.

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Important points about an IVA

IVAs or Individual Voluntary Arrangements can act as a really effective tool for people whose finances have become unmanageable. However, it’s worth making sure you understand the details of any such arrangement before taking any decisions.

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Need IVA Advice

If you’re in serious financial difficulty it’s impossible to overstate the importance of getting good advice. This is particularly the case if your situation is moving towards insolvency or bankruptcy.

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Is an IVA a quick fix?

When you’re having real trouble keeping up with your debt payments, it can seem like everyone is offering you easy solutions to your problems.

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Insolvency and Bankruptcy

Insolvency and Bankruptcy are essentially both terms describing the position of a person or company that is no longer able to pay their debts. Insolvency is normally used when referring to businesses, and bankruptcy vavrto individuals, however there are many times when the terms are used varyingly in both contexts.

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Should I do an IVA?

The short answer is that it depends. If your debts are out of your control and you simply can no longer keep up with them, there are a few options worth considering, and an IVA or Individual Voluntary Arrangement is certainly one of them.

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Cant get a debt consolidation loan

Individual Voluntary Arrangements are a way to clear debts that you can no longer manage the payments for. If your debt situation is out of control and bankruptcy is becoming a possibility, then an IVA may help. 

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IVA and Unsecured Debt

IVAs are specifically intended to help people with unsecured debts that they can no longer manage. Debts that are not secured against some asset that you have, such as credit cards, store cards, unsecured loans etc, are exactly the types of debt that IVAs are for.

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IVA Options

IVAs or Individual Voluntary Arrangements can be a great way for you to get your problem finances under control. These arrangements can stop debts from spiralling out of control, and give you the chance to start rebuilding the foundations for a healthy financial future. However, there are a number of choices that an IVA will involve, and these can have a substantial effect on its success or failure.

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How do IVA payments work?

When you put forward an IVA, you will be proposing to pay a certain amount back to your creditors over a certain period of time. Your Insolvency Practitioner will help you to work out a proposal that is likely to be manageable for you.

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IVA and Secured Debt

Most of us these days have several different types of debt, all of which make us more likely to find ourselves in a situation where we can no longer manage them. There are a number of measures that can help people who are struggling with debt, and IVAs are only one of them.

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Overview of an IVA

Individual voluntary Arrangements have helped many people to deal with financial troubles in recent years. If you’re in the position of considering an IVA, there are a few things you might want to bear in mind.

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Stop an IVA from Failing

IVAs are handled by Insolvency Practitioners (or IP’s), who have a responsibility to make them as secure as possible. If an IVA does fail, you will be left exposed to legal action from your creditors regarding the debts that were included in it. However there are a number of measures in place to reduce the possibility of this happening.

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Will an IVA help my debt?

Being faced with debt that you feel is no longer manageable can be unbelievably stressful. However, there are various options for people who feel that they simply cannot  meet the demands of their debts any more. An IVA or Individual Voluntary Arrangement is one of these options, and given the right advice, could well get you into a better and less troublesome financial state.

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Set up an IVA

If you’re no longer able to manage your debts, an IVA or Individual Voluntary Arrangement may well be a good option for you. In order to get one, and indeed to find out whether it is in fact the best option for you, you’ll need professional help and advice.

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