{"id":10427,"date":"2011-08-30T12:50:13","date_gmt":"2011-08-30T11:50:13","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=10427"},"modified":"2019-07-30T12:54:05","modified_gmt":"2019-07-30T11:54:05","slug":"iva-requirements","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-requirements\/","title":{"rendered":"IVA Requirements"},"content":{"rendered":"\n<p>Individual Voluntary Arrangements are pretty flexible, but there is a\n typical set of requirements for an IVA to be likely to go ahead. IVAs \nare for personal unsecured debts, and do not usually cover secured debt \nsuch as mortgages, although an IVA may be used as one measure in \nreducing the financial strain of multiple debts.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Debts<\/h2>\n\n\n\n<p>In general, your personal unsecured debt (for example from credit \ncards) should total at least around \u00a315,000. This debt will normally be \nowed to at least 3 different lenders, and cannot be different debts to \nthe same lender (e.g. a credit card and loan to the same bank would \ncount only as a single lender). When you propose an IVA, you must make \nsure you have passed the relevant details of all of the debts you wish \nto include to your IP. The amounts outstanding together with account \ndetails such as the creditor\u2019s reference for your account with them are \ntypically required.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_1485779_XS.jpg\" alt=\"IVA Payments\" class=\"wp-image-10436\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_1485779_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/07\/Fotolia_1485779_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Payments<\/h2>\n\n\n\n<p>In order to get an IVA, you need to be able to demonstrate that you \ncan make the monthly payments required. It is generally the case that \nthese payments will not amount to less that around \u00a3200 per month. An \nalternative to this may be if you have assets that you can release, or \nif some third party is making a contribution towards the IVA.<\/p>\n\n\n\n<p>If your income is not sufficient for you to make payments towards the\n IVA while still having enough to live on, or if your income is too \nunpredictable, then your IVA may not be accepted. Your IP will have a \ngood thorough look at your finances, taking into account your income, \noutgoings, assets and total debts (secured and unsecured). This will \nallow them to best advise you on how to handle your debt situation. If \nthey do advocate going for an IVA, they will include comments in your \nproposal to this effect.<\/p>\n\n\n\n<p>IVAs are a genuinely useful tool in helping people in the right \ncircumstances to get a handle on their finances. However, IVAs can only \nwork where the right proposal has been arrived at. If you cannot meet \nthe monthly payments required, then your IVA is far more likely to fail,\n leaving you potentially exposed to legal action for unpaid debts. \nProviding you get the right proposal together with the help of your IP, \nan IVA can help you to work towards better financial health in the \nfuture.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individual Voluntary Arrangements are pretty flexible, but there is a  typical set of requirements for an IVA to be likely to go ahead. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-10427","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=10427"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10427\/revisions"}],"predecessor-version":[{"id":10437,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10427\/revisions\/10437"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=10427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=10427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=10427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}