{"id":4282,"date":"2014-09-24T15:24:56","date_gmt":"2014-09-24T14:24:56","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4282"},"modified":"2019-05-09T15:30:14","modified_gmt":"2019-05-09T14:30:14","slug":"iva-payments","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-payments\/","title":{"rendered":"IVA Payments"},"content":{"rendered":"\n<p>IVAs are tailored to individual circumstances, and so there is no way\n of predicting how much the monthly payments are likely to be. In \ngeneral most IVAs involve paying at least around \u00a3200 per month.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What you can afford<\/h2>\n\n\n\n<p>In order to get an IVA proposal put together and have it accepted, it\n has to be clear that you can actually afford to make payments towards \nthe IVA, and still maintain a reasonable standard of living.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your finances<\/h2>\n\n\n\n<p>When you explore using an IVA, you will need to consult an Insolvency  Practitioner. The IP will need to undertake a thorough going over of  your finances, and will establish your total debts, incomings, outgoings  and assets before taking anything forward. They may suggest a number of  different things to get your debts in hand, once of which is an IVA.<\/p>\n\n\n\n<p>As part of an IVA you are required to try and pay as much as you can  towards your unmanageable debts, although it is likely that you will end  up paying back only a portion of what is owed. Your creditors will  realise that they are going to receive more of your borrowing back than  if you go bankrupt, and so will generally be open to using an IVA.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"580\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_28131483_S.jpg\" alt=\"\" class=\"wp-image-4307\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_28131483_S.jpg 827w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_28131483_S-300x210.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_28131483_S-768x539.jpg 768w\" sizes=\"auto, (max-width: 827px) 100vw, 827px\" \/><\/figure>\n\n\n\n<p>IVAs are not a way to avoid paying your debts back, but are rather a \nway of offering your creditors an alternative deal through which they \nwill receive at least part of what you owe.<\/p>\n\n\n\n<p>Your IP will help you to work out what you can afford to offer in \nterms of your IVA payments. It is imperative that you only agree to pay \nan amount that you can realistically manage, as if you fail to make the \npayments there is a chance that the IVA may fail.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">During the IVA<\/h2>\n\n\n\n<p>If you find at any time during the IVA that you are struggling to \nkeep to the payments, you should speak to your IP immediately. They may \nbe able to renegotiate the IVA with your creditors on your behalf, or \npossibly to allow you a payment holiday, in which case the overall term \nof the IVA may be increased.<\/p>\n\n\n\n<p>The payments may also change during the term, for example if your \nfinancial situation changes for either the better or worse. In this case\n your IP may recommend either increasing or reducing your monthly \npayments, but they will always talk through what is going to happen with\n you before any changes are made.<\/p>\n\n\n\n<p>It\u2019s difficult to say what you can expect to pay as part of an IVA, \nbut your IP will make sure you understand fully what the options and \nimplications of any deal are before anything is confirmed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IVAs are tailored to individual circumstances, and so there is no way of predicting how much the monthly payments are likely to be. <\/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-4282","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\/4282","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=4282"}],"version-history":[{"count":4,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4282\/revisions"}],"predecessor-version":[{"id":4313,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4282\/revisions\/4313"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}