{"id":4267,"date":"2014-09-24T15:13:44","date_gmt":"2014-09-24T14:13:44","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4267"},"modified":"2019-05-09T15:17:01","modified_gmt":"2019-05-09T14:17:01","slug":"is-an-iva-a-good-idea","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/is-an-iva-a-good-idea\/","title":{"rendered":"Is an IVA a good idea?"},"content":{"rendered":"\n

It\u2019s impossible to say whether or not an IVA is the best possible \noption in any particular situation, which is why you really need to seek\n the advice of an expert if you\u2019re considering one. If your debt \nsituation is at the point where you really can no longer manage it, you \nshould speak to an Insolvency professional as soon as possible to work \nthrough your options.<\/p>\n\n\n\n\n\n\n\n

Settle your debts<\/h2>\n\n\n\n

An IVA is basically a way to settle your debts when you cannot meet the terms of your existing agreements with your creditors.<\/p>\n\n\n\n

IVAs are not a way to have your debts written off, although typically an IVA will involve paying only a portion of the debt back.<\/em><\/p>\n\n\n\n

Avoid bankruptcy<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

One of the primary advantages to using an IVA is that it can help to \navoid bankruptcy, and the host of issues that go with it. When you \nconsult the services of an Insolvency Practitioner, which you will need \nto do if you\u2019re looking to potentially use an IVA, they will consider \nyour options and advise you on the pros and cons of each.<\/p>\n\n\n\n

Options<\/h2>\n\n\n\n

Your IP will go through your finances, taking into account your \nincome, total debts, other outgoings, and any assets that you have. They\n will use this information as the basis for the advice that they give \nyou. An IP may well advise you to go for an IVA, in which case they will\n handle the negotiations and legal processes involved.<\/p>\n\n\n\n

Consequences<\/h2>\n\n\n\n

Another advantage to using an IVA is that it avoids the seriousness \nof the impact that bankruptcy has on your credit rating. Because with an\n IVA you are essentially maintaining the responsibility for your debts, \nand are effectively settling them in a reduced way, your credit rating \ncan be repaired over time. While the IVA is running, you will not be \nable to get further credit, but once it has elapsed you will indeed be \nable to seek it again. An IVA is therefore a way to work towards a more \nstable financial future within just a few years.<\/p>\n\n\n\n

Costs<\/h2>\n\n\n\n

If the alternative to your IVA is bankruptcy, it\u2019s also worth bearing\n in mind that the costs of bankruptcy are generally higher. IVAs do not \nincur the statutory costs that bankruptcy does, although naturally you \nstill have to deal with your debts if you use an IVA.<\/p>\n\n\n\n

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

One of the deciding factors in whether an IVA will be an option for \nyou is whether you can actually afford to make payments towards it. If \nyou have sufficient income, then an IVA may be the best way to deal with\n your debts, and has the best outcome for your future solvency.<\/p>\n\n\n\n

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

If your creditors are either threatening or carrying out legal action\n against you, an IVA will also be helpful in that it stops these \nprocesses. While the IVA is being drawn up, an Interim Order prevents \nany court action against you, and once the IVA is accepted, the \ncreditors cannot pursue you either.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s impossible to say whether or not an IVA is the best possible option in any particular situation, which is why you really need to seek the advice of an expert if you\u2019re considering one. If your debt situation is at the point where you really can no longer manage it, you should speak to […]<\/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-4267","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\/4267","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=4267"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4267\/revisions"}],"predecessor-version":[{"id":4277,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4267\/revisions\/4277"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}