{"id":4216,"date":"2014-09-24T09:32:46","date_gmt":"2014-09-24T08:32:46","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4216"},"modified":"2020-10-20T10:50:16","modified_gmt":"2020-10-20T09:50:16","slug":"iva-and-debt-2","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-debt-2\/","title":{"rendered":"IVA and Unsecured debt"},"content":{"rendered":"\n

IVAs<\/strong> are designed for unsecured borrowing, including consumer debt such as credit cards<\/strong> or personal loans<\/strong> that are not secured in any way. IVAs can be used only for personal debt owed by individuals.<\/p>\n\n\n\n\n\n\n\n

There are few restrictions on who can get an IVA, but in general they tend to be used for people with at least \u00a315,000 worth of unsecured debt<\/strong>, and for debt that is owed to at least 3 different lenders.<\/p>\n\n\n\n

Specifics<\/h2>\n\n\n\n

Whether or not you will be able to get an IVA is really dependent on \nthe details of your own particular case. If you have borrowing that you \nfeel is no longer within your control, you should speak to a debt expert\n for advice about how best to move forward.<\/p>\n\n\n\n

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

If your situation is serious enough that you fear you may be under \nthreat of bankruptcy, then you need to use the services of an Insolvency\n Practitioner. Your IP will look at your total unsecured debts, as well \nas your income, other outgoings and assets if you have any.<\/p>\n\n\n\n

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

The other basic restriction on whether or not you will be able to get\n an IVA, is whether you can actually afford to make payments required. \nAn IVA is basically a way of renegotiating your debts with your lenders,\n and offering to pay them a certain amount back over the IVA period. \nThis amount will naturally amount to less than what is required by your \ncurrent agreements with the lenders, but is a way for you to effectively\n settle the debts by paying at least a portion of what you owe.<\/p>\n\n\n\n

It is typically the case that IVA payments are at least \u00a3200 per \nmonth, so if you cannot afford this, the chance of you getting an IVA \nproposal accepted are going to be reduced. Providing you can make the \npayments, while still affording yourself and your family a reasonable \nstandard of living, then there\u2019s a good chance you will be able to get \nan IVA set up.<\/p>\n\n\n\n

If your IVA proposal is accepted by enough of your creditors, and you\n keep to the payments, your unsecured debt will be considered settled \nwhen the IVA period is complete. If you have other debts that are \nsecured, such as mortgages or loans that are secured using an asset, you\n may still be able to use an IVA as one of a series of measures.<\/p>\n","protected":false},"excerpt":{"rendered":"

IVAs are designed for unsecured borrowing, including consumer debt such as credit cards or personal loans that are not secured in any way. <\/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-4216","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\/4216","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=4216"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4216\/revisions"}],"predecessor-version":[{"id":4230,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4216\/revisions\/4230"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}