{"id":10442,"date":"2011-08-15T15:04:45","date_gmt":"2011-08-15T14:04:45","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=10442"},"modified":"2019-07-30T15:22:33","modified_gmt":"2019-07-30T14:22:33","slug":"iva-supervisor","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-supervisor\/","title":{"rendered":"IVA Supervisor"},"content":{"rendered":"\n

When you go through the IVA process, you will need to use the \nservices of a licensed Insolvency Practitioner. The IP will have a \nvaried set of responsibilities as the IVA is set up and then \nadministered. An Individual Voluntary Arrangement is a legal contract \nbinding you and your creditors to the agreement, and only licensed IPs \ncan carry out the necessary legal steps for an IVA to proceed.<\/p>\n\n\n\n\n\n\n\n

Nominee<\/h2>\n\n\n\n

In the initial stages of proposing and setting up your IVA, your IP \nwill be acting as Nominee. However, once the creditors have agreed to \nthe proposed IVA, the IP will become Supervisor for the IVA. This \nbasically involves administering the IVA as it elapses over the period \nspecified in the proposal.<\/p>\n\n\n\n

Administration<\/h2>\n\n\n\n

Once an IVA is set up, you will typically be making a single payment \ntowards the agreement. Your IP will be responsible for distributing this\n money to the different creditors involved in the IVA. Your initial IVA \nproposal will have included an overview of how much you are proposing to\n pay back over the period, and how much of this each of the creditors \ncan expect to receive.<\/p>\n\n\n\n

Changes<\/h2>\n\n\n\n

While your IVA is in progress, your IP will keep an eye on your \nfinances. If your financial situation changes either for better or \nworse, the IP may recommend making changes to your IVA deal.<\/p>\n\n\n\n

\"Changes<\/figure>\n\n\n\n

If your circumstances change for the better, the IP may recommend \nincreasing the payments you are making. They will always discuss such a \nchance with you before anything goes ahead so you don\u2019t have to worry \nabout unexpected increases to your monthly payment amounts. In some \ncases, creditors may request that you release equity from any property \nthat you may have, typically in the latter stages of the IVA. This only \nhappens in certain circumstances and your IP will talk the possibility \nthrough with you when you initially propose an IVA.<\/p>\n\n\n\n

If your finances change for the worse while the IVA is underway, \nthere are a number of things your IP can do. Struggling to keep up with \nthe payments does not necessarily mean that the IVA will fail, but if \nyou do start to have difficulty you should speak to the IP as soon as \npossible. The IP may be able to arrange a payment holiday, adding extra \ntime onto the end of the IVA period if necessary. They may alternatively\n be able to renegotiate with your creditors in an attempt to keep the \nagreement going.<\/p>\n\n\n\n

Interests<\/h2>\n\n\n\n

Insolvency Practitioners are required to act in the interests of both\n creditors and debtors, and so have to ensure that any IVA deal is fair.\n IVAs are a way to strike a balance between the interests of both sides,\n and so the IP supervising an IVA has to maintain this throughout the \nIVA period.<\/p>\n\n\n\n

If at any stage you have issues or unanswered questions about your \nIVA proposal or payment plan, you should speak to your IP and have these\n addressed as soon as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"

When you go through the IVA process, you will need to use the services of a licensed Insolvency Practitioner to supervise your IVA. <\/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-10442","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\/10442","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=10442"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10442\/revisions"}],"predecessor-version":[{"id":10452,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10442\/revisions\/10452"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=10442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=10442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=10442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}