{"id":4374,"date":"2014-09-25T09:31:49","date_gmt":"2014-09-25T08:31:49","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4374"},"modified":"2019-05-10T10:14:35","modified_gmt":"2019-05-10T09:14:35","slug":"pay-rise-in-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/pay-rise-in-an-iva\/","title":{"rendered":"Pay Rise in an IVA"},"content":{"rendered":"\n

When you propose an IVA to your creditors, you are proposing to pay a\n certain amount to them over a set period of time, but of course no one \ncan tell for sure what\u2019s going to happen during that period. IVAs are \nfairly flexible for this reason, as there is a chance that your finances\n will either improve or deteriorate further once the IVA is ongoing.<\/p>\n\n\n\n\n\n\n\n

Your Insolvency Practitioner (IP) will be mainly responsible for the \nadministration of your IVA once if has been set up. If you have any \nissues or questions regarding the IVA during this time, you should \ntherefore contact them as soon as possible.<\/p>\n\n\n\n

Payment changes<\/h2>\n\n\n\n

Your IP will keep an eye on your finances as the IVA is progressing, \nand may propose making changes to it for a number of different reasons. \nIf your finances should improve during the IVA, your IP may indeed \nsuggest that you increase the payments that you are making towards it.<\/p>\n\n\n\n

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

In circumstances where your IP decides that you should make a change to the IVA payments, they will always talk this through with you first. The IP will not make any changes without doing this and so you do not need to worry about any unexpected alterations to your IVA contract.<\/p>\n\n\n\n

Legal Contract<\/h2>\n\n\n\n

An IVA is a legal contract. It binds both you and your creditors \nlegally to the proposal that you put forward and they accepted. On the \none hand this means that you are protected from legal action from the \ncreditors regarding the debts while the IVA is in place. Also, once the \nIVA is complete, and providing you kept to your side of the deal, they \nwill be obliged to consider your debts settled, even in cases where the \nresult of the IVA is that you have paid back only a portion of what you \nowed, which is often what happens.<\/p>\n\n\n\n

The legal aspect of an IVA gives you a level of protection, but it \nalso gives you an equal level of responsibility, i.e. that you need to \nmake the payments.<\/p>\n\n\n\n

Paying back<\/h2>\n\n\n\n

The principle of an IVA is that you cannot pay the debts as required \nby your current agreements, and so are proposing to make an alternative \nprogram of payments instead. The IVA will be tailor made to suit your \nfinancial circumstances at the time of proposing it. The reason \ncreditors are inclined to accept IVAs is that the alternative is \nnormally bankruptcy, which typically results in them seeing even less of\n their borrowing returned.<\/p>\n\n\n\n

Naturally, it is often the case that your circumstances will change \nconsiderably after the IVA has been initially set up. IPs have the \nresponsibility of monitoring the situation, and this is why they may \nsuggest amendments.<\/p>\n\n\n\n

Your creditors are accepting your IVA payments on the basis that you \nare paying them as much of the debts owed to them as you can reasonably \nmanage. If follows from this that if your finances improve, your IP has \nto make alterations to your payments accordingly. IVAs are not a way to \navoid paying back your total debts, but to try and come as close as you \ncan to paying back what you owe.<\/p>\n","protected":false},"excerpt":{"rendered":"

If your finances should improve during the IVA, your IP may indeed suggest that you increase the payments.<\/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-4374","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\/4374","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=4374"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4374\/revisions"}],"predecessor-version":[{"id":4384,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4374\/revisions\/4384"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}