{"id":3351,"date":"2014-01-21T12:42:43","date_gmt":"2014-01-21T12:42:43","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3351"},"modified":"2019-03-07T15:23:40","modified_gmt":"2019-03-07T15:23:40","slug":"iva-and-unsecured-debt","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-unsecured-debt\/","title":{"rendered":"IVA and Unsecured Debt"},"content":{"rendered":"\n

IVAs<\/strong> are specifically intended to help people with unsecured debts<\/strong>\n that they can no longer manage. Debts that are not secured against some\n asset that you have, such as credit cards, store cards, unsecured loans\n etc, are exactly the types of debt that IVAs are for.<\/p>\n\n\n\n\n\n\n\n

Personal circumstances<\/h2>\n\n\n\n

IVAs are fairly flexible, but are really recommended for individuals \nwho have personal debts totalling \u00a312,000 or more. Your debts should \nalso generally be owed to 3 or more lenders, and you must have \nsufficient income to afford the IVA payments \u2013 this is something that \nspeaking to an expert will help to decide.<\/p>\n\n\n\n

IPs<\/h2>\n\n\n\n

There is no guaranteed answer as to whether you will actually be able to get an IVA, but speaking to an Insolvency Practitioner<\/strong>\n is the first step in exploring such things. An IP will look at your \nincome, outgoings and level of debt, and advise you about whether an IVA\n is going to work for you, as well as the details of the arrangement \nitself.<\/p>\n\n\n\n

\"Paying<\/figure>\n\n\n\n

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

Once you and your IP have come up with a good IVA plan that you feel \nyou can manage, it will be presented to your creditors. Again, there is \nno guarantee that your creditors will then accept it, but providing \nenough of them do, it will go ahead.<\/p>\n\n\n\n

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

It goes without saying that an IVA will only help your situation if \nit is successful. This depends on whether you do manage to keep to the \nplan and make your payments. If you do manage this, at the end of the IVA term<\/strong> your debts will be cleared<\/strong>, and any outstanding balance effectively written off.<\/p>\n\n\n\n

Affordable repayments<\/h2>\n\n\n\n

It is hugely important that you only agree to make IVA payments that you can realistically afford<\/strong>.\n If you keep to an IVA that is accepted by your creditors, they cannot \nthen pursue you for the debts. However if the IVA fails (i.e. if you \ndon\u2019t keep to the payments) they will be free to pursue you again.<\/p>\n\n\n\n

Problems with IVA payments<\/h2>\n\n\n\n

If you find that you are not going to manage the payments, then you \nneed to speak to your IP immediately. This gives them the chance to \nrenegotiate with your creditors on your behalf, or to arrange a payment \nholiday in some circumstances.<\/p>\n\n\n\n

Situations<\/h2>\n\n\n\n

Whether or not an IVA will help you is of course dependent on your \nown particular circumstances. Only a licensed professional can give you \nthe advice you need if you are at the point where your debts are really \nout of your control. Getting the right advice straight away is the best \nfirst course of action, and there\u2019s a good chance you\u2019ll be able to get \nthings sorted without having to worry about bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"

IVAs are specifically intended to help people with unsecured debts that they can no longer manage. <\/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-3351","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\/3351","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=3351"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3351\/revisions"}],"predecessor-version":[{"id":3357,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3351\/revisions\/3357"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}