{"id":4109,"date":"2014-02-17T12:49:52","date_gmt":"2014-02-17T12:49:52","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4109"},"modified":"2019-05-03T12:50:56","modified_gmt":"2019-05-03T11:50:56","slug":"iva-and-legal-action","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-legal-action\/","title":{"rendered":"IVA and legal action"},"content":{"rendered":"\n<p>One of the real benefits to using an Individual Voluntary Arrangement is  that it gives you a level of protection from being pursued through the  courts for your debts. If your creditors agree to an IVA, and as long as  you keep to the agreement (i.e. keep up with the payments agreed in  it), they cannot then take any legal action against you regarding the  debts concerned. <\/p>\n\n\n\n<!--more-->\n\n\n\n<p>When you find yourself in the position where you basically can\u2019t meet\n your debts any more, it can be a pretty frightening experience. The \nthreat of legal action, repossession and bankruptcy can make it seem \nthat you no longer have control over what happens in your life. IVAs are\n designed to help people in these positions to get their finances back \nunder control, and one of the ways that they do this is to legally bind \nyour creditors to prevent them from being able to put even more pressure\n on you.<\/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\/01\/Fotolia_80218811_XS.jpg\" alt=\"Legal protection from creditors\" class=\"wp-image-116\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_80218811_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_80218811_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure><\/div>\n\n\n\n<p>An IVA is a legally binding contract between you and your creditors. \nYour Insolvency Practitioner will help you to work out what you should \npropose as part of an IVA, taking into consideration, not only your \ndebts, but your income, plus any assets that you may have. The IP will \nthen present the proposal to your creditors through the court system.<\/p>\n\n\n\n<p>Your creditors will have the opportunity to consider your proposal \nand to vote on whether to accept it. If they do accept it, they are then\n legally bound to it, as are you. As long as you then stick to the \narrangement, you are protected legally.<\/p>\n\n\n\n<p>Having this legal protection can give you a sense of security as you \nmove forward in getting on top of your financial situation. However, \nbear in mind that the contract also commits you to the responsibility \nfor keeping up with the terms you agreed to as part of the IVA. For this\n reason you need to ensure that what you agree to is something that you \ncan realistically afford to pay back. The legal status of an IVA is \ndesigned to create a balance between the responsibilities of both \ncreditor and debtor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the real benefits to using an IVA is that it gives you a level of protection from being pursued by your 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-4109","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\/4109","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=4109"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4109\/revisions"}],"predecessor-version":[{"id":4123,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4109\/revisions\/4123"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}