{"id":3739,"date":"2014-01-24T14:58:43","date_gmt":"2014-01-24T14:58:43","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3739"},"modified":"2020-10-20T11:39:56","modified_gmt":"2020-10-20T10:39:56","slug":"debt-write-off-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/debt-write-off-iva\/","title":{"rendered":"Debt written off in an IVA?"},"content":{"rendered":"\n<p>It\u2019s best to think of an IVA as a way to clear debts rather than to \nhave debts written off. Although in most cases an IVA will mean that you\n don\u2019t have to pay the full amount of the debts back, it is mainly a way\n for you to settle your debts rather than having them forgotten about.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If you can\u2019t keep up with your debt payments, there is a risk that \nyou will become bankrupt. When this happens, it is generally the case \nthat less of the outstanding debts are paid back to creditors than, for \nexample, where an IVA is used to avoid bankruptcy. This means that \ncreditors often will opt to accept an IVA, and recoup at least some of \nthe funds owed to them.<\/p>\n\n\n\n<p>Naturally, many people strive to avoid the serious consequences of \nbankruptcy, and an IVA can indeed help to do this. However, an IVA is \ndesigned to suit creditors as well as debtors, and so you will be \nrequired to pay back a substantial portion of what is owed if you have \nthe funds available to do this.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"268\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_2498702_XS.jpg\" alt=\"Credit Card Debts\" class=\"wp-image-3752\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_2498702_XS.jpg 448w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_2498702_XS-300x179.jpg 300w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/figure>\n\n\n\n<p>An Insolvency Practitioner will need to have a good look at your \nfinancial situation to help you to put forward an IVA proposal. Having \nexamined your income, outgoings, assets and total debts, they need to \nhelp you to propose paying as much as you can reasonably afford as part \nof the IVA agreement, while still leaving you enough to live on.<\/p>\n\n\n\n<p>Getting an IVA in place is a negotiation process, and involves \nstriking a balance between what you can manage and what your creditors \nare looking to receive back from you. In most cases, if you are faced \nwith insolvency this will naturally mean that part of the debts are \nwritten off, but of course creditors will look to recoup as much of them\n as possible. It is up to your IP to act as a mediator between these two\n interests, and to get a good deal for you.<\/p>\n\n\n\n<p>The best way to view an IVA therefore is as a way to work towards settling your debts as opposed to escaping them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s best to think of an IVA as a way to clear debts rather than to have debts written off. Although in most cases an IVA will mean that you don\u2019t have to pay the full amount of the debts back, it is mainly a way for you to settle your debts rather than having [&hellip;]<\/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-3739","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\/3739","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=3739"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3739\/revisions"}],"predecessor-version":[{"id":3763,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3739\/revisions\/3763"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}