{"id":10934,"date":"2011-02-02T12:12:22","date_gmt":"2011-02-02T12:12:22","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=10934"},"modified":"2019-08-02T12:36:44","modified_gmt":"2019-08-02T11:36:44","slug":"what-happens-during-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/what-happens-during-an-iva\/","title":{"rendered":"What happens during an IVA?"},"content":{"rendered":"\n

Once an IVA is set up, you will be required to make your monthly \npayments towards it. Your Insolvency Practitioner will guide you through\n the process and will be responsible for handling your IVA while it is \nongoing.<\/p>\n\n\n\n\n\n\n\n

Providing enough of those creditors whose debts you listed as part of\n the IVA agreed to it, all of the debts will be covered by it. This \nmeans that even if one or more of the creditors did not agree, providing\n a sufficient majority of those involved did, all of the debs will be \ncovered.<\/p>\n\n\n\n

No legal action<\/h2>\n\n\n\n

The creditors whose debts are included in the IVA are not able to \ntake any legal action or pursue you in any way for those debts while the\n IVA is elapsing. This means that as soon as your IVA is set up you need\n no longer worry about the threat of court action regarding these \ntroublesome debts.<\/p>\n\n\n\n

Contract<\/h2>\n\n\n\n

When you propose an Individual Voluntary Arrangement, you are \nproposing to pay a certain amount over a period of time. If the IVA is \naccepted, you are legally bound to it, as it is a legal contract between\n you and your creditors. In the same way, the creditors are legally \nbound to it too, and this is why they are unable to take any other \naction against you.<\/p>\n\n\n\n

Changes in circumstances<\/h2>\n\n\n\n

If your circumstances change during the IVA, there are a number of \nthings that may happen. If you feel at any time that you are going to be\n unable to keep up with your IVA payments, you should contact your IP \nimmediately and give them the best possible chance of keeping the IVA \ngoing.<\/p>\n\n\n\n

Improvement<\/h2>\n\n\n\n

If, while the IVA is elapsing, your finances change for the better, \nyour IP may recommend that you increase the IVA payments you are making.\n They will always talk such matters through with you before anything \nactually changes, so you don\u2019t need to worry about unexpected changes to\n the IVA.<\/p>\n\n\n\n

Deterioration<\/h2>\n\n\n\n
\"Debt<\/figure>\n\n\n\n

Should your finances change for the worse during the IVA, your IP may\n be able to try different measures to prevent the IVA from failing \ncompletely. They may be able to arrange a payment holiday for you, if \nyour circumstances are likely only to be problematic in the short term. \nAlternatively, they may be able to renegotiate the deal with your \ncreditors, and possibly reduce the payment amounts. When these things \nhappen, it is likely that the term of your IVA may be lengthened.<\/p>\n\n\n\n

If you fail to make the payments for your IVA and do not manage to \nsecure an alternative agreement to keep it going, then the IVA may \nindeed fail. In this case your creditors will be free again to pursue \nyour debts through the legal system. If this does happen, it\u2019s \nimperative that you speak to your IP as soon as possible. Getting sound \nadvice early can make a huge difference in protecting yourself.<\/p>\n\n\n\n

When you go through the IVA process, your IP will be able to give you the guidance you need at any time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Once an IVA is set up, you will be required to make your monthly payments towards it. Your Insolvency Practitioner will guide you through the process and will be responsible for handling your IVA while it is ongoing.<\/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-10934","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\/10934","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=10934"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10934\/revisions"}],"predecessor-version":[{"id":10944,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10934\/revisions\/10944"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=10934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=10934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=10934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}