{"id":4033,"date":"2014-01-30T12:31:34","date_gmt":"2014-01-30T12:31:34","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4033"},"modified":"2019-05-02T15:21:38","modified_gmt":"2019-05-02T14:21:38","slug":"iva-and-repossession","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-repossession\/","title":{"rendered":"IVA and Repossession"},"content":{"rendered":"\n<p>Individual Voluntary Arrangements (IVAs) are primarily used for \nunsecured debts such as credit cards and loans. Mortgage arrears are not\n normally covered by an IVA for this reason. However, if you\u2019re \nstruggling with debt and are being threatened with repossession, an IVA \nmay help in conjunction with other measures.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If you\u2019re facing possible repossession, the first thing you need to \ndo is speak to a debt expert. IVAs are used for people who are facing \nbankruptcy on account of their unsecured debts being unmanageable. If \nyour situation involves both secured and unsecured debts, then an IVA \nmay be one of the things that will help. If this is the case, you should\n speak to an Insolvency Practitioner who will advise you about the range\n of measures that may help.<\/p>\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\/05\/Fotolia_195993881_XS.jpg\" alt=\"IVA and Repossession\" class=\"wp-image-4057\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_195993881_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_195993881_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure><\/div>\n\n\n\n<p>Your Insolvency Practitioner will get a sound sense of your overall \nfinancial situation, from your income and assets through to your \noutgoings and total debts. This will allow them to provide you with the \nbest protection that the legal system has to offer, and access to those \nmeasures that can help you get things sorted.<\/p>\n\n\n\n<p>An IVA can help people who are facing repossession by relieving the \npressure on their mortgage payments. They do this by reducing the other \ndebt payments you are having to make. If an IVA is able to take a chunk \noff of the debt payments that you are making towards your unsecured \ndebts, this could well give you the breathing space to get your mortgage\n under control.<\/p>\n\n\n\n<p>Using an IVA may well need to be just one of a series of methods to \navoid repossession, depending on your own particular case. Remortgaging \nor applying to have your possession order suspended if it has already \nbeen issued are two other possible measures that you may want to \nexplore.<\/p>\n\n\n\n<p>Strictly speaking, IVAs are not intended to be used for secured debts\n such as mortgages, but in situations where your mortgage troubles are \ncoupled with other debt problems, an IVA may be a helpful tool. Most of \nus have multiple different types of debt these days, which means that \ndealing with them when they get out of control typically requires a \nnumber of different approaches.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re facing possible repossession, the first thing you need to do is speak to a debt expert.<\/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-4033","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\/4033","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=4033"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4033\/revisions"}],"predecessor-version":[{"id":4063,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4033\/revisions\/4063"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}