{"id":3972,"date":"2014-01-21T09:58:58","date_gmt":"2014-01-21T09:58:58","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3972"},"modified":"2019-04-26T10:02:14","modified_gmt":"2019-04-26T09:02:14","slug":"overview-of-an-iva-2","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/overview-of-an-iva-2\/","title":{"rendered":"Overview of an IVA"},"content":{"rendered":"\n<p>Individual voluntary Arrangements have helped many people to deal \nwith financial troubles in recent years. If you\u2019re in the position of \nconsidering an IVA, there are a few things you might want to bear in \nmind.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Debt<\/h2>\n\n\n\n<p>IVAs are used for personal unsecured debt (e.g. credit cards or \nunsecured loans) totalling at least \u00a315,000 and to at least 3 different \ncreditors. To use an IVA, you will normally need to be in a position to \nmake payments of at least around \u00a3200 per month, but there is some \nflexibility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Insolvency Practitioner<\/h2>\n\n\n\n<p>Before taking any decisions about unmanageable debts, you\u2019ll need to \nspeak to an Insolvency Practitioner. They will take a good look through \nyour finances and give you sound, trustworthy advice about how best to \nproceed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">IVA Proposal<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_163859502_XS.jpg\" alt=\"\" class=\"wp-image-3977\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_163859502_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/04\/Fotolia_163859502_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure><\/div>\n\n\n\n<p>If you do go for an IVA, this will mean putting a proposal to your \ncreditors through the courts. There is no guarantee that the creditors \nwill accept your proposal, but they do tend to be open to them. This is \nbecause they know that if they do not accept your IVA, you may become \nbankrupt, and in this case they may see even less of the borrowing \nreturned to them.<\/p>\n\n\n\n<p>Typically an IVA involves paying just part of your debt back, and the rest effectively written off.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Protection from creditors<\/h2>\n\n\n\n<p>While the IVA is being arranged an Interim Order will stop your \ncreditors taking any legal action against you for the time being. If \nthey accept the IVA, they are also prevented from otherwise pursuing you\n for the debt either during or after the IVA term, as long as you keep \nto your side of the arrangement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Credit facilities<\/h2>\n\n\n\n<p>During the IVA you will not be in a position to get more credit. \nHowever, after the IVA is complete, you will be free to do so, and your \ncredit rating will have suffered much less damage than if you had become\n bankrupt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Success<\/h2>\n\n\n\n<p>Remember, an IVA is only going to be successful if you manage to \nstick to it. For this reason, never sign up to an arrangement that you \nfeel you cannot realistically manage the payments for.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IVAs are used for personal unsecured debt (e.g. credit cards or unsecured loans) totalling at least \u00a315,000 and to at least 3 different creditors. <\/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-3972","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\/3972","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=3972"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3972\/revisions"}],"predecessor-version":[{"id":3978,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3972\/revisions\/3978"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}