{"id":3193,"date":"2014-01-20T12:45:46","date_gmt":"2014-01-20T12:45:46","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3193"},"modified":"2019-02-28T12:48:27","modified_gmt":"2019-02-28T12:48:27","slug":"how-to-do-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/how-to-do-an-iva\/","title":{"rendered":"How to do an IVA"},"content":{"rendered":"\n<p> The first thing you\u2019ll need to do is find an Insolvency  Practitioner to take your case forward.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Insolvency Practitioners are professionals often from legal and  accounting backgrounds who specialise in matters of insolvency. Before  agreeing to use an Insolvency Practitioner you should both check out  their credentials and what costs are going to be involved. It can be  well worth shopping around as if you\u2019re struggling financially the last  thing you need is to be landed with hefty legal fees as well.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"780\" height=\"616\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_56286319_S.jpg\" alt=\"Do an IVA\" class=\"wp-image-3199\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_56286319_S.jpg 780w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_56286319_S-300x237.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/02\/Fotolia_56286319_S-768x607.jpg 768w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/figure>\n\n\n\n<p>Your Insolvency Practitioner will advise you about whether or not an \nIVA is the right option in the first place, as well as the details of \none, should you choose to go ahead with it. Making the right proposal is\n essential, as your IVA will be legally binding, if it is accepted by \nyour creditors. For this reason it\u2019s imperative that you only agree to \npay back what you can really manage, and think carefully if you need to \nmake decisions about any assets that you have.<\/p>\n\n\n\n<p>Once you\u2019ve come up with the proposal, your Insolvency Practitioner \nwill present it via the courts, applying for an Interim Order so that \nyour creditors may not pursue your debt through the court for the time \nbeing. The court will then decide whether or not to call a meeting for \nyour creditors. At this meeting they will discuss the proposal and \ndecide whether to accept it or not. If they accept it, both they and you\n are legally bound to the arrangement, and they cannot take legal action\n for your debts as long as you continue to meet the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If your finances are out of control and you feel you can\u2019t meet your debts, pursuing an Individual Voluntary Arrangement may be a good option for you.<\/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-3193","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\/3193","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=3193"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3193\/revisions"}],"predecessor-version":[{"id":3205,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3193\/revisions\/3205"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}