{"id":3456,"date":"2014-01-22T11:18:21","date_gmt":"2014-01-22T11:18:21","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3456"},"modified":"2019-03-08T11:28:22","modified_gmt":"2019-03-08T11:28:22","slug":"cant-do-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/cant-do-an-iva\/","title":{"rendered":"Cant do an IVA"},"content":{"rendered":"\n

When you\u2019re struggling to keep up with your debts, it can seem like \nyou have fewer and fewer options as things get more and more out of \ncontrol. However, with the right advice you might find that things \naren\u2019t as dire as you think.<\/p>\n\n\n\n\n\n\n\n

Get debt advice<\/h2>\n\n\n\n
\"Get<\/figure><\/div>\n\n\n\n

The best way to establish what your options are is to speak to a \nqualified professional. If your situation is looking as though you may \nbe moving towards insolvency, it\u2019s best to seek the services of an \nInsolvency Practitioner. They will be able to take a look at your \nfinances and help you to work out what the best option is.<\/p>\n\n\n\n

Individual Voluntary Arrangements have few restrictions, but this \ndoesn\u2019t mean that an IVA is the best option for everyone. Typically, an \nIVA is used to avoid bankruptcy, and will involve paying back more of \nyour borrowing than bankruptcy does. The plus side of course is that an \nIVA has less of an impact on your long-term financial health.<\/p>\n\n\n\n

IVAs are normally used for individuals with debt totalling at least \naround \u00a315,000 and to at least 3 creditors, although there is some \nflexibility. You will normally need to be able to afford at least around\n \u00a3200 in the monthly payments for an IVA, although again there is \nsometimes a little leeway.<\/p>\n\n\n\n

Other Options<\/h2>\n\n\n\n

If you cannot get an IVA<\/strong>, or your IP advises that \nit\u2019s not the best option for you, find out what your other options are \nand take the IPs advice on them. If you own assets you may be able to \nuse these to help get your finances under control, for example by \nselling or releasing equity.<\/p>\n\n\n\n

You can also opt to try to negotiate with your creditors direct, and \ncome to some informal arrangement with them. This can be a tricky \nprocess, but reduced terms for your credit agreements may just give you \nthe breathing space you need. If you find it difficult to deal with your\n creditors personally, there are mediation services up and down the \ncountry that can help.<\/p>\n\n\n\n

If you do find that you run out of options for continuing to handle \nthe debts, and cannot get an IVA for whatever reason, you really do need\n to take the advice of an Insolvency professional. It may be that \nbankruptcy is going to be necessary for you, but by all means make sure \nyou get the right advice before taking any big decisions.<\/p>\n\n\n\n

To explore any of the above please contact us at National Debt Relief<\/strong>.<\/p>\n\n\n\n

National Debt Relief<\/a>\n belongs to a firm of leading chartered accountants who are one of the \nlargest insolvency practices in the UK. We offer a complete portfolio of\n personal insolvency services in relation to IVA, Debt Management Plan \nand Bankruptcy. All our debt advice is confidential and with no \nobligation.<\/p>\n","protected":false},"excerpt":{"rendered":"

When you\u2019re struggling to keep up with your debts, it can seem like you have fewer and fewer options as things get more and more out of control. However, with the right advice you might find that things aren\u2019t as dire as you think.<\/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-3456","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\/3456","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=3456"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3456\/revisions"}],"predecessor-version":[{"id":3466,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3456\/revisions\/3466"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}