{"id":12738,"date":"2011-12-13T09:01:57","date_gmt":"2011-12-13T09:01:57","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=12738"},"modified":"2019-12-13T10:35:17","modified_gmt":"2019-12-13T10:35:17","slug":"iva-with-a-lot-of-debt","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-with-a-lot-of-debt\/","title":{"rendered":"IVA with a lot of debt"},"content":{"rendered":"\n<p>When you have a lot of different debts and are struggling to manage \nthem, it can be a real task just working out which options are going to \nhelp your situation. The advice of professional debt experts is \ninvaluable if you\u2019re in this position, as the best option for you is \nsomething that\u2019s really impossible to say without looking at the details\n of your case.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Debt types<\/h2>\n\n\n\n<p>If you have a mixture of different types of debt, for example both \nsecured and unsecured, then it is likely that a number of different \nmeasures may be used to alleviate the situation. Individual Voluntary \nArrangements are used for unsecured debts, in cases where the \nalternative is likely to be bankruptcy.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"686\" height=\"700\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_18401067_S.jpg\" alt=\"Lots of different debts\" class=\"wp-image-12748\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_18401067_S.jpg 686w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/12\/Fotolia_18401067_S-294x300.jpg 294w\" sizes=\"auto, (max-width: 686px) 100vw, 686px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">IVA<\/h2>\n\n\n\n<p>An IVA is essentially a way to renegotiate your outstanding debts \nwith creditors, and use the protection of the law to prevent further \nlegal action being taken against you. With an IVA you propose paying a \ncertain amount to your creditors over the IVA term. Typically this \namount will be only a portion of the debt that you owe, but will be an \namount that you can actually manage to pay them in your current \nsituation.<\/p>\n\n\n\n<p>Secured debts such as mortgages or loans secured against an asset \nsuch as property are not normally covered by IVAs. However, if you have a\n mix of debts, the IVA may be used to ease the pressure on your finances\n generally, allowing a little breathing space for you to get on top of \nyour other debts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Amendments<\/h2>\n\n\n\n<p>Sometimes when you propose an IVA, your creditors will ask for \namendments to be made to it before they will accept it. In some cases \nthey may request that you release equity from your home, for example. \nYour Insolvency Practitioner will handle all of the negotiations on your\n behalf, and will make sure you are involved in any decisions that are \ntaken, as well as that you fully understand the consequences of any \nchoice that you make.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Payments<\/h2>\n\n\n\n<p>An IVA is only going to be a success if you manage to keep to the \npayments. For this reason it is hugely important that you and your IP \nmake sure you put together a proposal that is going to work for you \nthroughout the term. You should only sign up to an agreement that you \nfeel you can manage, as the IVA is a legal contract and you are bound to\n it once it starts.<\/p>\n\n\n\n<p>If you have a lot of debts that you cannot manage, and don\u2019t have \nsufficient income for an IVA, your IP may in fact recommend bankruptcy. \nHowever they will be sure that they explore any alternative options and \nexplain the advantages and disadvantages of each before anything goes \nahead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individual Voluntary  Arrangements are used for unsecured debts, in cases where the  alternative is likely to be bankruptcy.<\/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-12738","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\/12738","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=12738"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12738\/revisions"}],"predecessor-version":[{"id":12749,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/12738\/revisions\/12749"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=12738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=12738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=12738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}