{"id":1106,"date":"2013-12-16T15:18:27","date_gmt":"2013-12-16T15:18:27","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=1106"},"modified":"2019-01-30T10:15:24","modified_gmt":"2019-01-30T10:15:24","slug":"iva-and-credit-card-payments","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-credit-card-payments\/","title":{"rendered":"IVA and Credit Card Payments"},"content":{"rendered":"\n

Can I do an IVA if I haven\u2019t missed a Credit Card payment?<\/h3>\n\n\n\n

The short answer is yes, provided you are insolvent.<\/p>\n\n\n\n\n\n\n\n

How do you know if you are insolvent or not?<\/h3>\n\n\n\n

The key question to ask is whether you can service all of your debts<\/strong> in accordance with the terms and conditions of the contracts you have entered into. You may ask \u2013 what contracts? Do you remember when you applied for that credit card or when you asked your friendly bank manager to increase the size of your overdraft? Did you complete an application form and sign it? That was the first step in entering into a contract with the card provider or your bank. It might be easier to remember when you took out your mortgage or entered into a HP agreement when you bought your car. These are also contracts with terms and conditions, all governed by law. All of your liabilities are likely to be governed by contracts between you and your creditors and be subject to terms and conditions.<\/p>\n\n\n\n

\"Credit<\/figure><\/div>\n\n\n\n

To get back to the question of never missing a payment on your credit\n cards \u2013 you need to look at the whole picture. Have you other \nliabilities such as unsecured loans, overdrafts, mortgage or HP?  Are \nrepayments of all those up to date and not in arrears? Even if they are \nfully up to date, are you paying off the full balance of all of your \ncredit cards every month? Or, are you just making the minimum payments? \nAre your credit card balances increasing month by month?<\/p>\n\n\n\n

When you have the answer to all of these questions you will be much \nbetter placed to determine whether you are insolvent or not. The next \nstep is to compile an income and expenditure statement which should \ninclude all of your sources of income and all your regular outgoings. If\n you are married or co-habiting you need to consider the income and \nexpenditure of your partner. If you have children, you must allow for \ntheir living expenses too.<\/p>\n\n\n\n

The good news is that you don\u2019t have to do all this work yourself. \nConsulting with an Insolvency Practitioner, otherwise known as an IP, is\n often the best initial course of action. A reputable IP will look at \nall of your financial circumstances (and not just your credit card \nbills) and will determine very quickly if you are insolvent or not. You \nshould incur no costs in obtaining this advice. If you are in fact \ninsolvent, your IP will go on to advise you on all of the options open \nto you including entering into an Individual Voluntary Arrangement \n(IVA). That is not the only option. You might consider entering into a \nDebt Management Plan or even petitioning for your own Bankruptcy. There \nmay be other options available as well. You can choose the best option \nfor yourself in the light of the advice provided by the IP.<\/p>\n","protected":false},"excerpt":{"rendered":"

Can I do an IVA if I haven\u2019t missed a Credit Card payment? The short answer is yes, provided you are insolvent.<\/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":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-1106","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\/1106","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=1106"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1106\/revisions"}],"predecessor-version":[{"id":1185,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1106\/revisions\/1185"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=1106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=1106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=1106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}