{"id":4350,"date":"2014-09-25T09:15:44","date_gmt":"2014-09-25T08:15:44","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4350"},"modified":"2019-05-10T09:23:22","modified_gmt":"2019-05-10T08:23:22","slug":"cant-afford-my-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/cant-afford-my-iva\/","title":{"rendered":"Cant afford my IVA"},"content":{"rendered":"\n

IVAs are carried out within the legal system, and therefore comprise a\n legal contract. However, this does not mean that the payment amounts \nare set in stone. Your Insolvency Practitioner has the responsibility \nnot only of setting up the IVA, but also of administering it whilst it \nis in progress. This means that they will keep an eye on your finances \nthroughout the IVA period, and may suggest changes to it at any point.<\/p>\n\n\n\n\n\n\n\n

Your IVA payments<\/h2>\n\n\n\n

Your IVA is initially based on your finances as they stand at the time you propose it. The\n principle is that you cannot meet the requirements of your current debt\n agreements, and are proposing the IVA payments as an alternative.<\/strong>\n Your creditors accept this on the basis that you simply cannot meet the\n debt agreements that you have currently, and are proposing to pay them \nwhat you can.<\/p>\n\n\n\n

If, during the IVA, your circumstances change, it is inevitably the case that what you can afford to pay towards the IVA will also change (either for better or worse). In the case that your finances change for the worse, your IP may have to step in and help.<\/p>\n\n\n\n

Prevent the IVA from failing<\/h2>\n\n\n\n
\"Insolvency<\/figure>\n\n\n\n

The IP will do whatever they can to keep the IVA from failing, \nalthough if you simply cannot make the payments, there is a chance that \nthe arrangement will indeed fail. In this case your creditors will then \nbe free to take action against you for the debts concerned. For this \nreason, it is hugely important that you speak to your IP as soon as you \nfind you are going to have trouble keeping up with your IVA payments.<\/p>\n\n\n\n

If your finances deteriorate, there are a number of things the IP can\n do to alleviate the situation. If your finances are likely only to be \nsuffering for a temporary period, a payment holiday for your IVA may be \narranged, in which case the overall term of the IVA will probably be \nincreased.<\/p>\n\n\n\n

In certain circumstances, your IP may be able to renegotiate your IVA\n terms by contacting your creditors on your behalf. If they do agree to \nreduced payments, for example, they may request further changes such as \nan increase in term, or releasing equity from any property you may have.<\/p>\n\n\n\n

Your IP will always make sure you understand fully the implications \nof any proposed changes to your IVA before any final decisions are made.\n The IVA is a contract between yourself and the creditors, and you \ntherefore have to accept any terms within it for it to come into force.<\/p>\n\n\n\n

No one knows what\u2019s going to happen in the future, and when you\u2019re in\n the position of having unmanageable debts this is doubly so. When you \npropose and sign up to an IVA, you can\u2019t tell whether things are about \nto get better or worse. The IVA system has built in flexibility for this\n reason, and IPs are required to act responsibly when it comes to \nadministering the arrangements.<\/p>\n","protected":false},"excerpt":{"rendered":"

If, during the IVA, your circumstances change, it is inevitably the case that what you can afford to pay towards the IVA will also change<\/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-4350","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\/4350","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=4350"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4350\/revisions"}],"predecessor-version":[{"id":4365,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4350\/revisions\/4365"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}