{"id":3886,"date":"2014-01-29T12:31:36","date_gmt":"2014-01-29T12:31:36","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3886"},"modified":"2020-10-19T16:59:03","modified_gmt":"2020-10-19T15:59:03","slug":"an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/an-iva\/","title":{"rendered":"An IVA"},"content":{"rendered":"\n<p>If you and your Insolvency Practitioner have decided to propose an \nIVA for your debts, it is incredibly important that the arrangement \nitself is workable, making the IVA an effective measure in getting your \nfinances in shape.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Payments<\/h2>\n\n\n\n<p>The purpose of an Individual Voluntary Arrangement is to help you to \nclear your debts in some way if you cannot manage them according to \ncurrent agreements that you have. For this reason it\u2019s imperative that \nyou can actually manage the IVA payments.<\/p>\n\n\n\n<p>Together with your Insolvency Practitioner, you will be able to come \nup with a proposed arrangement that both suits you and also hopefully \nappeals to your creditors enough for them to accept it.<\/p>\n\n\n\n<p>Once an IVA starts, you will be required to make the payments into a \nsingle pot of funds. Your IP will handle the distributing of these funds\n to your creditors and so you only have to worry about making the \npayments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reviews<\/h2>\n\n\n\n<p>Your IVA payments will be reviewed throughout the term of the  arrangement, which typically lasts about five years. If the IP thinks  that your circumstances have changed during this time, they may suggest  changes to the arrangement.<\/p>\n\n\n\n<p>If your circumstances change for the better financially, your IP may \nask you to increase the payments. If you are a homeowner, you may also \nbe required to release equity at some stage in the agreement.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"849\" height=\"566\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_47842076_S.jpg\" alt=\"\" class=\"wp-image-3896\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_47842076_S.jpg 849w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_47842076_S-300x200.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_47842076_S-768x512.jpg 768w\" sizes=\"auto, (max-width: 849px) 100vw, 849px\" \/><\/figure>\n\n\n\n<p>If your circumstances change for the worse, and you are unable to \nmeet the IVA payments, your IP may be able to carry out further \nnegotiation with your creditors and hopefully keep the IVA going. In \nsome cases you may be able to take a payment holiday if you\u2019re having \nshort-term problems, but this is something that you need to speak to \nyour IP about.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Failure to meet payments<\/h2>\n\n\n\n<p>If you can\u2019t make the payments and the creditors don\u2019t agree to a \nchange, the agreement will have failed and your creditors will then be \nfree to pursue your debts legally. For this reason it really is \nimportant that you get the right arrangement in the first place, and one\n that you can realistically stick to over time.<\/p>\n\n\n\n<p>As long as you manage to keep to the terms of an IVA, you can work \ntowards having your debts settled in the future. Although you won\u2019t be \nable to get further credit during the term of the arrangement, once it\u2019s\n finished you will be able to work towards improving your credit rating \nagain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you and your Insolvency Practitioner have decided to propose an  IVA for your debts, it is incredibly important that the arrangement itself is workable.<\/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":"Clear debts with an IVA","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-3886","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\/3886","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=3886"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3886\/revisions"}],"predecessor-version":[{"id":13523,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3886\/revisions\/13523"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}