{"id":3990,"date":"2014-01-30T12:18:03","date_gmt":"2014-01-30T12:18:03","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=3990"},"modified":"2019-05-08T11:41:56","modified_gmt":"2019-05-08T10:41:56","slug":"iva-and-loans","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-loans\/","title":{"rendered":"IVA and Loans"},"content":{"rendered":"\n

If you have debt from loans that you are failing or are going to fail\n to make the payments for, there are a number of things that you can do.\n Individual Voluntary Arrangements (IVAs) can help in situations where \nunsecured debt has become unmanageable<\/strong>.  IVAs are really intended for unsecured debt<\/strong>, and therefore may not help if your loan debt is secured against an asset such as a house or car.<\/p>\n\n\n\n\n\n\n\n

Restrictions<\/h2>\n\n\n\n

Debts including credit cards and unsecured loans are the typical type\n of debt that an IVA is used for. IVAs are normally used where the debts\n total at least \u00a312,000 and are owed to at least 3 different lenders.<\/p>\n\n\n\n

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

If this is the case then an IVA may be a helpful tool in getting your\n finances under control, and you should use the services of an \nInsolvency Practitioner to proceed.<\/p>\n\n\n\n

If these restrictions do not apply to you, it is still imperative \nthat you get sound advice if you cannot manage your loan payments \u2013 you \nmay find that there are other measures you can use to secure yourself.<\/p>\n\n\n\n

Process<\/h2>\n\n\n\n

If you have decided, with the help of an IP, to go for an IVA, they \nwill be able to guide you throughout the process. The first thing an IP \nnormally does is undertake a thorough going over of your financial \nstate, so that they can give you the best advice possible. Your income, \noutgoings, assets and debts will all weigh into the decision as to what \nshould happen next.<\/p>\n\n\n\n

In order to use an IVA, you will normally be required to pay at least\n around \u00a3200 per month, and so you need to be able to manage this \nreasonably while still maintaining a good standard of living.<\/p>\n\n\n\n

Proposal<\/h2>\n\n\n\n

Your lenders will be presented with a proposal regarding your IVA, \nand they will get to vote on it. Although they naturally tend to receive\n less of your borrowing back through an IVA than what they would \naccording to your original agreements, lenders realise that if you \nbecome bankrupt as a result of not being able to pay, then they will \nlikely receive even less. This means that lenders do tend to be open to \nIVAs, although sometimes they will ask for amendments to be made to your\n proposal before they accept it.<\/p>\n\n\n\n

Security<\/h2>\n\n\n\n

As soon as the process of exploring an IVA begins, your lenders will \nnot be able to take any legal action against you for the debt. Your IP \nwill get an Interim Order in the first instance, and once the IVA is up \nand running you are protected from any legal action as long as you keep \nto the arrangement.<\/p>\n\n\n\n

Once the IVA period has run, and providing you have kept up with the \npayments, your debts will be clear and you can move on from them. Even \nwhere you have only paid back a part of the total debt, as long as you \nhave fulfilled the requirements of the IVA the debts will be settled.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you have debt from loans that you are failing or are going to fail to make the payments for, there are a number of things that you can do. Individual Voluntary Arrangements (IVAs) can help in situations where unsecured debt has become unmanageable.  IVAs are really intended for unsecured debt, and therefore may not […]<\/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-3990","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\/3990","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=3990"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3990\/revisions"}],"predecessor-version":[{"id":4001,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/3990\/revisions\/4001"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=3990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=3990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=3990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}