{"id":3792,"date":"2014-01-24T09:52:24","date_gmt":"2014-01-24T09:52:24","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3792"},"modified":"2019-03-20T09:55:10","modified_gmt":"2019-03-20T09:55:10","slug":"debt-amount-for-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/debt-amount-for-an-iva\/","title":{"rendered":"Debt amount for an IVA"},"content":{"rendered":"\n

Individual Voluntary Arrangements (IVAs) are designed for people who \nhave personal debts that they cannot manage the repayments for. In \ngeneral, IVAs are pretty flexible, but they are typically used for \npeople (not companies) with debts totalling at least around \u00a312,000<\/strong> and where the debt is owed to at least three different lenders<\/strong>.<\/p>\n\n\n\n\n\n\n\n

Types of debt<\/h2>\n\n\n\n

The type of debt that you have is also a factor in whether or not an IVA will be applicable to you. IVAs are used for unsecured debts<\/strong>,\n i.e. debts that are not secured using an asset. Examples of secured \ndebt are mortgages or loans secured on property you own such as a car, \nand so these are not the types of debt that an IVA is for. Examples of \ndebts for which an IVA does apply therefore, are consumer debts such as \ncredit cards and unsecured loans.<\/p>\n\n\n\n

\"Types<\/figure><\/div>\n\n\n\n

Expert advice<\/h2>\n\n\n\n

Having debts that you are struggling with does not necessarily mean \nthat the best way forward is an IVA. If you\u2019re in this situation you \nreally need to get the advice of an expert to work out which option will\n be most effective. Debt management programs can help, as can \nconsolidation in certain circumstances. Getting help in terms of \nmediation between you and your creditors can also take off considerable \namounts of pressure.<\/p>\n\n\n\n

If your debts are out of control to the point where you are worried \nabout bankruptcy, you will need to speak to a professional such as an \nInsolvency Practitioner. It may indeed be the case that you will be able\n to try for an IVA in order to avoid bankruptcy.<\/p>\n\n\n\n

Factors<\/h2>\n\n\n\n

Whether or not you actually manage to proceed with an IVA is also \ndependent on a number of factors. Together with your IP, you will work \nout a plan in terms of what payments you think you can realistically \nmake. This will then be put to your creditors through the legal system, \nand they will meet and then vote on whether or not to accept it.<\/p>\n\n\n\n

Future<\/h2>\n\n\n\n

If the creditors (or enough of a majority) agree to accept the \nproposal, the IVA will go ahead. Providing you keep to the arrangement, \nonce the term is over any outstanding debts involved in the agreement \nwill be regarded as settled. This means that you genuinely can work \ntowards being free from the debts concerned and look forward to a more \nsecure financial state.<\/p>\n","protected":false},"excerpt":{"rendered":"

Individual Voluntary Arrangements (IVAs) are designed for people who have personal debts that they cannot manage the repayments for.<\/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-3792","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\/3792","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=3792"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3792\/revisions"}],"predecessor-version":[{"id":3816,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3792\/revisions\/3816"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}