{"id":4093,"date":"2014-01-30T10:05:47","date_gmt":"2014-01-30T10:05:47","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4093"},"modified":"2019-05-03T12:46:19","modified_gmt":"2019-05-03T11:46:19","slug":"iva-and-unsecured-loans","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-unsecured-loans\/","title":{"rendered":"IVA and Unsecured loans"},"content":{"rendered":"\n

Individual Voluntary Arrangements (IVAs) have been the subject of \nmuch discussion in recent years, and they can indeed be hugely helpful \nto people in certain circumstances. If you have debt from unsecured \nloans that you cannot manage to make the payments for, then an IVA may \nindeed help you.<\/p>\n\n\n\n\n\n\n\n

Anyone who can no longer meet their debt payments should ideally \nspeak to a professional expert as soon as possible. An Insolvency \nPractitioner can not only handle your case legally, but can also give \nyou trustworthy guidance about what measures are in fact likely to help \nin your particular situation.<\/p>\n\n\n\n

Circumstances<\/h2>\n\n\n\n
\"Unsecured<\/figure><\/div>\n\n\n\n

If your debts total at least \u00a312,000 and are owed to 3 or more \nlenders, there is a good chance that you will be able to use an IVA. The\n purpose of an IVA is not to have your debts written off<\/strong>,\n but to give you a realistic chance at clearing them. Normally you will \npay back less than the full amount when you use an IVA, but once the \nterm has elapsed the debts will be considered to be settled.<\/p>\n\n\n\n

Once an IP has a good idea of your overall financial situation, they \nmay well suggest using an IVA. In this case you will work out what you \ncan afford to pay each month towards your IVA, and your IP will present \nit to your lenders.<\/p>\n\n\n\n

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

There is no guarantee that your lenders will go ahead and accept the \nproposal, but with the right proposal there is a good chance they will. \nIf you can\u2019t make your payments there is always a chance that you may \nend up becoming bankrupt, in which case the lenders may receive less of \nthe borrowing back than if they accept the IVA. This means that IVAs are\n genuinely seen as appealing enough to lenders to succeed.<\/p>\n\n\n\n

Protection<\/h2>\n\n\n\n

As soon as the process that your IP carries out begins, you will \nimmediately be protected from legal action from your lenders. Initially \nthis is done using an Interim Order, and then using the IVA itself. Both\n of these prevent your lenders from pursuing your debts legally, and so \nyou can enjoy the security and reduction in stress that this inevitably \nbrings.<\/p>\n\n\n\n

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

Typically, an IVA will involve paying at least about \u00a3200 each month,\n but whatever the monthly payments are you should be able to make them \nwhile still having enough money left to live well. It is hugely \nimportant that you think you can realistically afford the payments that \nyou\u2019ve proposed as part of an IVA. If you fail to meet the payments \nduring the IVA, there is a chance that it may fail, leaving you exposed \nto legal action.<\/p>\n\n\n\n

An IVA that s manageable, and that you do in fact keep to, can truly \noffer you the ability to work towards your loan debt being cleared. Any \namount outstanding from the original debt will be written off at the end\n of the term, and you can get on with a life free from the stress and \nmisery of debt trouble.<\/p>\n","protected":false},"excerpt":{"rendered":"

Anyone who can no longer meet their debt payments should ideally speak to a professional expert as soon as possible. <\/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-4093","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\/4093","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=4093"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4093\/revisions"}],"predecessor-version":[{"id":4108,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4093\/revisions\/4108"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}