{"id":4322,"date":"2014-09-25T16:41:04","date_gmt":"2014-09-25T15:41:04","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4322"},"modified":"2019-05-10T08:59:10","modified_gmt":"2019-05-10T07:59:10","slug":"iva-and-creditors","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-creditors\/","title":{"rendered":"IVA and creditors"},"content":{"rendered":"\n

If you\u2019re struggling to meet your debt demands you\u2019ll know how stressful dealing with creditors can be.<\/strong> One of the advantages to using an IVA if you\u2019re in this situation is that your Insolvency Practitioner (IP) handles all of the negotiations for you. Also, the terms of the IVA bind the creditors legally and prevent them from pursuing unwarranted action against you. <\/p>\n\n\n\n\n\n\n\n

Negotiating with creditors<\/h2>\n\n\n\n

Anyone who can no longer manage to make their debt payments is of \ncourse free at any time to try and renegotiate the agreements that they \nhave with their creditors. If you\u2019ve ever tried this you\u2019ll know that it\n can be a difficult process. It\u2019s really up to the creditors whether \nthey want to negotiate with you, and they can pursue you through the \ncourts at any time if you don\u2019t make your payments.<\/p>\n\n\n\n

Protection from creditors<\/h2>\n\n\n\n
\"Creditor<\/figure>\n\n\n\n

When you begin the IVA process<\/strong>, your IP will apply \nfor an Interim Order. This prevents your creditors from taking action \nagainst you regarding your current debts for the time being. Once the \nIVA is set up, providing the creditors accept it and you stick to it, \nthey cannot pursue you for the debts either.<\/p>\n\n\n\n

While the IVA is elapsing the legal contract that the creditors have \naccepted as part of the IVA stops them from taking action against you. \nOnce the IVA is complete, if you have kept to the agreement (i.e. made \nyour payments), the creditors must consider your debts settled and \ncannot pursue them at any time in the future.<\/p>\n\n\n\n

Acceptance<\/h2>\n\n\n\n

An IVA proposal is put to the creditors by your IP. The creditors \ndecide whether to accept it through a vote, and any negotiations are \nhandled by your IP. If the IVA is indeed accepted, you will no longer \nneed to deal with your creditors direct at all. You simply make your \nmonthly IVA payment (and any other transactions that may be associated \nwith the IVA) and your IP administers the distribution of this among \nyour various creditors.<\/p>\n\n\n\n

Issues<\/h2>\n\n\n\n

If at any time you find you are struggling to make the IVA payments, \nyou should contact your IP straight away. They may be able to negotiate \nan alternative plan on your behalf, and hopefully keep the IVA going. \nThe IP is required to act in both your interests and the interests of \nthe creditors, but will ensure that you are given the protection that \nthe law provides from being unfairly pursued.<\/p>\n","protected":false},"excerpt":{"rendered":"

Anyone who can no longer manage to make their debt payments is of course free at any time to try and renegotiate the agreements that they have with their 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-4322","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\/4322","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=4322"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4322\/revisions"}],"predecessor-version":[{"id":4345,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4322\/revisions\/4345"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}