{"id":3587,"date":"2014-01-23T16:31:21","date_gmt":"2014-01-23T16:31:21","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3587"},"modified":"2020-10-20T09:59:06","modified_gmt":"2020-10-20T08:59:06","slug":"who-can-administer-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/who-can-administer-an-iva\/","title":{"rendered":"Who can administer an IVA?"},"content":{"rendered":"\n

If you\u2019re interested in using an Individual Voluntary Arrangement (IVA) to deal with your financial difficulties, you\u2019ll need to use the services of an Insolvency Practitioner (IP)<\/strong>. An IVA can only be carried out through a set series of legal processes, and only certain individuals are licensed to carry these processes out within the law.<\/p>\n\n\n\n\n\n\n\n

Good Debt Advice<\/h2>\n\n\n\n

As well as handling the legal\/ administrative aspects of your IVA, an\n IP can also give you sound advice in terms of your overall financial \nsituation. This may include establishing whether or not an IVA is in \nfact the best option for your particular situation.<\/p>\n\n\n\n

Although you may want to get things moving as quickly as possible, \nparticularly if the stress of not managing to keep up with your debts is\n getting to you, it\u2019s worth taking the time to hear the advice that a \ngood IP can give you. You may find that you have more choices than you \nthink.<\/p>\n\n\n\n

Overview<\/h2>\n\n\n\n

The first thing an IP will do is take a thorough look at your \nfinances, including your income, any assets you currently have, and of \ncourse a rundown of all of your current debts.<\/p>\n\n\n\n

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

Information<\/h2>\n\n\n\n

It is imperative that you give the IP all of the information they \nneed, particularly with regard to the debts you have. This gives them \nthe ability to not only give you sound advice, but also to make sure the\n terms of any measures such as an IVA are actually going to help you in \nthe long run.<\/p>\n\n\n\n

Agreement<\/h2>\n\n\n\n

If you do in fact, with the help of an IP, establish that an IVA is \nthe way to go, you then need to work out what you can afford to agree \nto. The payments that you\u2019ll make as part of the IVA need to be \nrealistically affordable, and to leave you with enough income to \nmaintain a good standard of living as well.<\/p>\n\n\n\n

Your IP will help you to work out a proposal that will work for you, \nbut that will hopefully also appeal to your creditors and make them \nlikely to agree to the arrangement. The proposal will then be presented \nto your creditors via the court, and they will then decide whether to \naccept it at a meeting in which they all have a vote.<\/p>\n\n\n\n

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

If they do accept the agreement, you don\u2019t actually make payments to \nthe creditors directly, but into a single pot of funds, which are then \ndistributed accordingly between the creditors. Your IP will help you to \nmake the necessary arrangements to make your payments.<\/p>\n\n\n\n

Mediation<\/h2>\n\n\n\n

As well as handling the administering of an IVA, an IP also acts as a\n mediator between you and your creditors, which can be invaluable if \nyou\u2019re struggling to keep up with their demands.<\/p>\n\n\n\n

All practising Insolvency Practitioners in the UK are licensed to \nperform these specific duties, and the practise as a whole is regulated \nby the Insolvency Practitioners Association. This means that when you \nuse a licensed IP, you have the security of knowing that they have \ndemonstrated professional competence in matters relating to insolvency.<\/p>\n\n\n\n

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

If you\u2019re interested in using an Individual Voluntary Arrangement (IVA) to deal with your financial difficulties, you\u2019ll need to use the services of an Insolvency Practitioner (IP). <\/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-3587","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\/3587","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=3587"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3587\/revisions"}],"predecessor-version":[{"id":13529,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3587\/revisions\/13529"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}