{"id":12613,"date":"2011-12-09T14:51:35","date_gmt":"2011-12-09T14:51:35","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=12613"},"modified":"2019-12-10T14:56:10","modified_gmt":"2019-12-10T14:56:10","slug":"iva-and-debt","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-debt\/","title":{"rendered":"IVA and Debt"},"content":{"rendered":"\n

If you\u2019re being pursued for debts, it can seem like you have fewer \nand fewer options as time passes, and that the time to sort things out \nis pretty short. However, IVAs are specifically designed to help people \nin these sorts of situations.<\/p>\n\n\n\n\n\n\n\n

Stop<\/h2>\n\n\n\n

If you do decide to explore using an Individual Voluntary \nArrangement, one of the first things that your Insolvency Practitioner \nwill do is apply through the courts for an Interim Order. This \neffectively presses the pause button on your debt situation, and \nprevents your creditors from taking legal action against you in the \nshort term. This period gives you and your IP time to work out and \npropose an IVA.<\/p>\n\n\n\n

Interim<\/h2>\n\n\n\n

Your IP will need to go through your finances in detail before you \ncan propose an IVA, as well as discussing your various options with you.\n It\u2019s difficult enough taking decisions in this type of situation, and \nthe feeling that the clock is ticking certainly doesn\u2019t help. This is \nwhy the Interim Order is hugely helpful, as it gives you the breathing \nspace you need to work out a plan that is going to help you in both the \nshort and long term.<\/p>\n\n\n\n

\"Debts<\/figure>\n\n\n\n

Debts covered<\/h2>\n\n\n\n

You need to make sure that you let your IP know about all of the \ndebts that you currently have, so that they can best advise you. An IVA \nwill ideally include all of your unsecured debts, and so you should make\n sure you pass the details of these onto your IP.<\/p>\n\n\n\n

When you propose an IVA, your creditors will be invited to a meeting \nat which they consider it and vote on whether to accept it. As long as \nenough of them vote to accept it, it will cover all of the debts \ninvolved, even if those particular creditors did not vote to accept it. \nThis means that if it\u2019s accepted, it\u2019s accepted for all of the debts you\n proposed it for.<\/p>\n\n\n\n

Protection<\/h2>\n\n\n\n

Once the IVA is in place, which doesn\u2019t normally take long, the \ncreditors whose debts are covered by it cannot take any legal action \nagainst you. The IVA is a legal contract, and so affords you the \nprotection of the law. As long as you meet your IVA requirements, you do\n not have to worry about being pursued through the courts.<\/p>\n\n\n\n

Problems<\/h2>\n\n\n\n

Should your IVA fail, for example because you fail to keep to the \npayments, your creditors may once again be able to pursue your debts. \nFor this reason you really do need to let your IP know immediately if \nyou\u2019re having trouble making the payments, as they may be able to step \nin and keep the IVA going, by renegotiating it with your lenders.<\/p>\n\n\n\n

Success<\/h2>\n\n\n\n

If your IVA is a success, and you get to the end of the term having \nkept up with the payments, the debts listed in it will effectively be \nsettled. Even in cases where you have only paid part of the debt back \nthrough the IVA, your creditors will not able to take any further action\n against you.<\/p>\n","protected":false},"excerpt":{"rendered":"

An IVA will ideally include all of your unsecured debts, and so you should make sure you pass the details of these onto your IP.<\/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-12613","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\/12613","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=12613"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12613\/revisions"}],"predecessor-version":[{"id":12619,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12613\/revisions\/12619"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=12613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=12613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=12613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}