{"id":3268,"date":"2014-01-21T15:44:40","date_gmt":"2014-01-21T15:44:40","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3268"},"modified":"2019-03-05T15:46:17","modified_gmt":"2019-03-05T15:46:17","slug":"is-an-iva-a-quick-fix","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/is-an-iva-a-quick-fix\/","title":{"rendered":"Is an IVA a quick fix?"},"content":{"rendered":"\n

When you\u2019re having real trouble keeping up with your debt payments<\/strong>, it can seem like everyone is offering you easy solutions to your problems.<\/p>\n\n\n\n\n\n\n\n

IVAs or Individual Voluntary Arrangements can help many people to \nsort out their debt problems, but they should certainly not be seen as a\n quick fix.<\/p>\n\n\n\n

Debt written off?<\/h2>\n\n\n\n

There are often stories in the press about people having their debts \ntotally written off, but in practice this is actually very rare. \nTypically, an IVA will involve paying just a portion of your overall \ndebt back, and having the rest effectively written off. It\u2019s best to \nview an IVA as a way to settle your debts in a way that is manageable to\n you, rather than as a way to avoid having to pay them.<\/p>\n\n\n\n

\"Write<\/figure>\n\n\n\n

Bankruptcy<\/h2>\n\n\n\n

If your debts have gotten to the point where you simply cannot meet \nthem according to the original repayment agreements, there is always a \nreal possibility that you may ultimately become bankrupt. An IVA is a \nway to avoid this consequence, by offering to pay your creditors at \nleast some of what you owe them.<\/p>\n\n\n\n

IVA Proposal<\/h2>\n\n\n\n

Normally when an IVA is used your Insolvency Practitioner will draw \nup a proposal for your creditors in terms of what you can pay them back \nover time. This will involve you making monthly payments into a single \npot of funds, and your IP will deal with the distribution of these funds\n back to your creditors.<\/p>\n\n\n\n

IVA Payments<\/h2>\n\n\n\n

The amount that you commit to paying back each month is designed to \nbe manageable to you while still allowing you to live well. Your IP will\n help you to work this out by looking at your total financial state, \nincluding income, outgoings, assets and all of the debts that you \ncurrently have.<\/p>\n\n\n\n

Debt Settled<\/h2>\n\n\n\n

Providing your creditors accept your IVA proposal, and there is a \ngood chance that they will, you will then be able to work towards \nclearing the debts concerned. Providing you manage to keep up with the \nIVA payments, at the end of the term your debts will be regarded as \nsettled and any outstanding balance forgotten about.<\/p>\n\n\n\n

During the term of the IVA, you will not be able to get other credit.\n Although this may seem hard, it means that you will be far more likely \nto successfully use the IVA to get rid of your debts for good.<\/p>\n\n\n\n

Once the IVA is finished, you will be free to seek further borrowing, and will be able to repair your credit rating over time. IVAs are not a quick fix, but are certainly a realistic way for people to address debts that they are currently struggling with. If your debts are mounting, the reality is that there is no quick fix, only realistic, manageable ones.<\/p>\n","protected":false},"excerpt":{"rendered":"

When you\u2019re having real trouble keeping up with your debt payments, it can seem like everyone is offering you easy solutions to your problems.<\/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-3268","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\/3268","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=3268"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3268\/revisions"}],"predecessor-version":[{"id":3283,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3268\/revisions\/3283"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}