{"id":3694,"date":"2014-01-23T12:12:50","date_gmt":"2014-01-23T12:12:50","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3694"},"modified":"2019-03-13T12:25:53","modified_gmt":"2019-03-13T12:25:53","slug":"will-i-get-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/will-i-get-an-iva\/","title":{"rendered":"Will I get an IVA?"},"content":{"rendered":"\n

The requirements for getting an Individual Voluntary Arrangement are \nreally quite flexible. If you\u2019re struggling to pay your debts an IVA may\n well be an appropriate option for you, but does depend on the details \nof your case.<\/p>\n\n\n\n\n\n\n\n

Advice<\/h2>\n\n\n\n

In general, the best first step in establishing whether or not you\u2019re\n going to be able to get an IVA, is to speak to a licensed professional.\n This is where Insolvency Practitioners come in. IPs specialise in \nmatters of Insolvency, and are the only professional individuals who can\n legally take forward an IVA for you.<\/p>\n\n\n\n

Amounts<\/h2>\n\n\n\n
\"IVA<\/figure>\n\n\n\n

Generally, IVAs are used for individuals (rather than companies) who \nhave personal debt of over \u00a315,000. Also, the amount you agree to pay \nmonthly as part of an IVA is not strictly restricted to a set level. In \nmost cases, the payments will be at least \u00a3200 although this does vary \naccording to both your debts and your income.<\/p>\n\n\n\n

Your finances<\/h2>\n\n\n\n

You will need to be able to show that you can realistically afford \nthe payments as part of an IVA. It is hugely important that you agree to\n the right level of payments when your IVA is proposed. Your Insolvency \nPractitioner will help you to work this out and to come to an agreement \nthat suits you. In order to do this they will have to have a good look \nat your finances.<\/p>\n\n\n\n

Your IP will therefore need to see details of your income, assets and\n all of the debts that you currently have. On the basis of this \ninformation they will be able to give you an overview of what your \noptions are, of which an IVA may be only one. An IVA is basically meant \nto help you to make payments while still maintaining a good standard of \nliving, i.e. it shouldn\u2019t leave you with too little money to live on.<\/p>\n\n\n\n

Creditors<\/h2>\n\n\n\n

Once you\u2019ve worked out what terms you want to propose as part of an \nIVA, it will then ultimately be up to your creditors to decide whether \nor not to accept it. For this reason it is never really possible to tell\n whether you will in fact get the IVA. It is generally the case that \ncreditors tend to be amenable to IVAs as the alternative for many people\n is often bankruptcy, in which case the creditors will likely receive \nback far fewer of the borrowings they are owed.<\/p>\n\n\n\n

An IVA is a way to strike a balance between you avoiding bankruptcy \nand the creditors retrieving at least some of the debt back, and so \nneeds to appeal to both sides involved.<\/p>\n\n\n\n

Whether or not you\u2019ll be able to get an IVA is impossible to predict.\n If you\u2019re struggling with your debts and feel you simply can no longer \nkeep up with them, the first step is to speak to someone who can tell \nyou what your options are and advise you of the pros and cons. Remember \nthat any IVA you agree to should help you as well as your creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The requirements for getting an Individual Voluntary Arrangement are really quite flexible. If you\u2019re struggling to pay your debts an IVA may well be an appropriate option for you, but does depend on the details of your case.<\/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-3694","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\/3694","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=3694"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3694\/revisions"}],"predecessor-version":[{"id":3712,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3694\/revisions\/3712"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}