{"id":3666,"date":"2014-01-23T11:52:57","date_gmt":"2014-01-23T11:52:57","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3666"},"modified":"2019-03-13T12:06:30","modified_gmt":"2019-03-13T12:06:30","slug":"will-an-iva-clear-my-debt","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/will-an-iva-clear-my-debt\/","title":{"rendered":"Will an IVA clear my debt?"},"content":{"rendered":"\n<p> If you want to know if an IVA will help you get out of debt, the short answer to this question is maybe. How useful an <strong>IVA<\/strong> is likely to be really depends on the details of your own personal  circumstances. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>IVAs are designed to be used by individuals rather than  companies or organisations. They are also  designed for unsecured debts (i.e. credit cards and unsecured loans  rather than mortgages or loans secured against property). IVAs are  intended to be used as a way to settle debts that you cannot manage the  normal payments for.<\/p>\n\n\n\n<p>Typically an IVA is used where a person is struggling to make their \ndebt payments to the point where bankruptcy has become a real \npossibility. In this case it is vital to speak to a professional expert \nsuch as a licensed Insolvency Practitioner. An IP can reliably tell you \nwhat your options are, and advise you as to whether an IVA will help in \nyour case.<\/p>\n\n\n\n<p>IVAs are normally used for personal debt of over \u00a315,000 to 3 or more\n lenders, and normally involve monthly payments of at least \u00a3200. If \nthese requirements apply to you, you may indeed be able to use an IVA, \nbut it\u2019s best to get the guidance of a knowledgeable IP before taking \nany decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Repayments<\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"346\" height=\"346\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_88801252_XS.jpg\" alt=\"Debt Burden\" class=\"wp-image-3688\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_88801252_XS.jpg 346w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_88801252_XS-150x150.jpg 150w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_88801252_XS-300x300.jpg 300w\" sizes=\"auto, (max-width: 346px) 100vw, 346px\" \/><\/figure>\n\n\n\n<p>An IVA is primarily a way to clear debts that you can no longer \nmanage according to your existing agreements. Through an IVA you will \npropose to pay a certain amount of the debt back over the IVA period. \nAlthough this amount is typically less than the overall amount that you \nactually owe, your creditors are likely to see even less of the \nborrowing returned to them if you go bankrupt, and are therefore \namenable to IVA proposals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Negotiation<\/h2>\n\n\n\n<p>Your IP will handle all of the negotiations with your creditors and \nso you do not need to worry about the stress of dealing with them \npersonally. As soon as the IVA process begins, you will be protected \nfrom any legal action from your creditors. During the term, the IVA is a\n legal contract that protects you from legal action as long as you keep \nto the terms.<\/p>\n\n\n\n<p>If your IVA is a success, it effectively clears the debts, even when \nyou have only paid back a portion of the original debts. As long as you \nhave continued to keep to the agreed payments, your debts will be \nregarded as settled and you can get on with living your life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you want to know if an IVA will help you get out of debt, the short answer to this question is maybe. How useful an IVA is likely to be really depends on the details of your own personal circumstances.<\/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-3666","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\/3666","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=3666"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3666\/revisions"}],"predecessor-version":[{"id":3689,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3666\/revisions\/3689"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}