{"id":3867,"date":"2014-01-24T11:25:46","date_gmt":"2014-01-24T11:25:46","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3867"},"modified":"2019-03-20T12:28:29","modified_gmt":"2019-03-20T12:28:29","slug":"iva-details","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-details\/","title":{"rendered":"IVA Details"},"content":{"rendered":"\n

There are so many people and services claiming to have the answer to \nyour debt problems that it can often be difficult to figure out what \neach solution actually involves. Individual Voluntary Arrangements are \noften put forward as an easy answer to financial insolvency, but only \nthe right advice can help you to know whether they will in fact help you\n personally.<\/p>\n\n\n\n\n\n\n\n

IVAs are intended for people who can no longer meet their debt payments and are potentially facing bankruptcy. An IVA is a way of avoiding bankruptcy by striking a deal with your creditors, according to which you will pay back at least part of what you owe them.<\/p>\n\n\n\n

Proposal<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Getting an IVA is dependent on your creditors agreeing to it, so your\n Insolvency Practitioner will draw up and put forward a proposal that \nyou will sign up to. The arrangement will outline a period during which \nyou will make certain payments, although these can be reviewed during \nthe term.<\/p>\n\n\n\n

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

It is generally the case that the payments will not work out at less \nthan \u00a3200 per month. IVAs are normally used for people with debts \ntotalling \u00a312,000 or more, and owed to at least 3 bodies. The term of an\n IVA is normally around 5 years.<\/p>\n\n\n\n

Reviews<\/h2>\n\n\n\n

Although an IVA is a legally binding contract, there is a little \nflexibility built into it. For example, your IP will continually review \nyour finances throughout the period, and may talk with you about making \nchanges to your payments on this basis.<\/p>\n\n\n\n

Credit<\/h2>\n\n\n\n

You will no be able to get further credit or unsecured lending while \nthe IVA term is being carried out. Once the IVA is complete, and if you \nhave managed to keep to the terms, the debts concerned will effectively \nbe written off, and you will then be able to seek credit again.<\/p>\n","protected":false},"excerpt":{"rendered":"

Getting an IVA is dependent on your creditors agreeing to it, so your Insolvency Practitioner will draw up and put forward a proposal that you will sign up to. <\/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-3867","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\/3867","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=3867"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3867\/revisions"}],"predecessor-version":[{"id":3877,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3867\/revisions\/3877"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}