{"id":1689,"date":"2013-12-18T12:50:27","date_gmt":"2013-12-18T12:50:27","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=1689"},"modified":"2019-02-01T12:59:53","modified_gmt":"2019-02-01T12:59:53","slug":"tailor-an-iva-for-your-needs","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/tailor-an-iva-for-your-needs\/","title":{"rendered":"Tailor an IVA for your needs"},"content":{"rendered":"\n

The beauty about an Individual Voluntary Arrangement (IVA) is that it can be \u2013 and should be \u2013 tailored to the precise circumstances of the debtor. <\/p>\n\n\n\n\n\n\n\n

Once you have established that you are insolvent and have taken advice on the various financial solutions available, you must decide what to do and which option to go for. You will have considered Bankruptcy, a Debt Management Plan, the sale of your house, re-mortgaging your house, obtaining a consolidation loan, getting family or friends to assist you financially and so on. You will have considered the pros and cons of each option and listened carefully to the advice provided by the Insolvency Practitioner (IP) and his or her staff. <\/p>\n\n\n\n

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Before you finally make your mind up consider how each option will \nimpact on your life. If an IVA is the right choice for you, chances are \nthat you have realized that an IVA can be tailored precisely to your \nneeds and that of your family and dependants. A properly constructed IVA\n will consider all of your circumstances starting with your income \u2013 \nwhat it is now and what it is projected to be during the term of your \nIVA, which is usually five years. The IVA proposal will include an \nIncome & Expenditure Statement and allow for all reasonable living \nexpenses for you and your family, including any unusual expenses \nrelating to your particular situation. All creditors ask for is that any\n such unusual expense be thoroughly explained and indeed justified.<\/p>\n\n\n\n

A good IVA proposal will also seek to anticipate and provide for \nfuture changes to your circumstances. For example, you may have a car \nwhich, during the term of your IVA, will come to the end of its useful \nlife and will have to be replaced for safety reasons or because the cost\n of its maintenance is becoming excessive. The IVA will outline how you \nwill deal with this situation and allow for the necessary funds to be \nset aside for obtaining a replacement model. Again, creditors will \naccept reasonable proposals in this regard. Obviously you cannot expect \nthat they will agree to your replacing a Mini with a Rolls-Royce.<\/p>\n\n\n\n

It is important to ensure that the IVA proposal is realistic and that\n your IP has not overlooked anything relating to your current or likely \nfuture circumstances, particularly where it might impact adversely on \nyour disposable income. You will receive the draft of your IVA proposal \nfor signing. If you do not understand any part of it or if you do not \nagree with its contents, then do not sign it. Contact your IP or his or \nher staff and outline your concern. Make sure that you fully agree with \nthe contents of the IVA proposal and that it fully and fairly describes \nyour circumstances. After all it\u2019s your life, your proposal, your IVA. \nYou will have to live with it for the next (usually) five years. Give \nyourself the best chance of successfully seeing your IVA through to its \nconclusion and finally becoming debt free.<\/p>\n","protected":false},"excerpt":{"rendered":"

The beauty about an Individual Voluntary Arrangement (IVA) is that it can be \u2013 and should be \u2013 tailored to the precise circumstances of the debtor.<\/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-1689","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\/1689","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=1689"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1689\/revisions"}],"predecessor-version":[{"id":1707,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1689\/revisions\/1707"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=1689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=1689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=1689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}