{"id":3946,"date":"2014-01-30T12:37:32","date_gmt":"2014-01-30T12:37:32","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3946"},"modified":"2019-03-21T12:40:44","modified_gmt":"2019-03-21T12:40:44","slug":"iva-and-credit-cards","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-credit-cards\/","title":{"rendered":"IVA and Credit Cards"},"content":{"rendered":"\n

If you have debts from credit cards<\/strong> that are out of control, then an Individual Voluntary Arrangement (IVA) may help. IVAs are designed to help people who have unsecured debts such as credit cards, store cards and unsecured loans that they can no longer manage. <\/p>\n\n\n\n\n\n\n\n

The intention of an IVA is that it allows you to work towards clearing your debts without ending up bankrupt.<\/p>\n\n\n\n

Requirements of an IVA<\/h2>\n\n\n\n

There are few restrictions on who can get an IVA, however they are \nnormally recommended for people who have debts that amount to at least \n\u00a312,000. It is also normally the case that for an IVA your debts should \nbe owed to 3 or more different lenders. If these apply to you, or even \nif they don\u2019t, you should consult an Insolvency Practitioner if your \ndebt payments have become unmanageable.<\/p>\n\n\n\n

Interim Order<\/h2>\n\n\n\n

The first thing that will happen if you do go for an IVA, is that your IP will apply for an Interim Order<\/a> protecting you from legal action for the moment. Next, you will decide what you think you can afford to pay monthly as part of the IVA plan, and your IP will draw up a proposal to put to your creditors.<\/p>\n\n\n\n

Creditor Negotiation<\/h2>\n\n\n\n
\"\"<\/figure><\/div>\n\n\n\n

When you find yourself struggling to meet credit card payments, you \nalways have the option of trying to negotiate with the creditor \nyourself. You can ask them to reduce your payments, for example. There \nis never any guarantee that they will agree to do this, and dealing with\n them in these circumstances can be a stressful and difficult process. \nThe advantage to an IVA, is that they cannot pursue you legally for the \ndebt; also your IP will be negotiating on your behalf, saving you at \nleast some of the stress.<\/p>\n\n\n\n

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

If your creditors vote to accept your IVA proposal, you then start \nmaking a single IVA payment each month, and your IP handles the \ndistribution of this to your creditors. Normally, an IVA will involve \npaying back only a portion of what you owe, but when the term is \ncomplete your debts are effectively settled, and any outstanding balance\n written off.<\/p>\n\n\n\n

Providing you get the right proposal and manage to stick to it, an \nIVA can genuinely offer you the chance to clear unmanageable debts, and \nwork towards a more secure future. However, it is hugely important that \nyou only commit to paying back what you can realistically afford for the\n IVA to be a success.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you have debts from credit cards that are out of control, then an Individual Voluntary Arrangement (IVA) may help. IVAs are designed to help people who have unsecured debts such as credit cards, store cards and unsecured loans that they can no longer manage.<\/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-3946","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\/3946","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=3946"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3946\/revisions"}],"predecessor-version":[{"id":3952,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3946\/revisions\/3952"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}