{"id":4389,"date":"2014-09-25T16:27:04","date_gmt":"2014-09-25T15:27:04","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4389"},"modified":"2019-05-13T16:47:58","modified_gmt":"2019-05-13T15:47:58","slug":"what-is-an-iva-proposal","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/what-is-an-iva-proposal\/","title":{"rendered":"What is an IVA Proposal?"},"content":{"rendered":"\n

When you explore the use of an Individual Voluntary Arrangement, you will be required to put forward a proposal to your creditors. Your creditors will vote as to whether or not the IVA proposal is acceptable to them. <\/p>\n\n\n\n\n\n\n\n

They may ask for changes to be made before they will accept it. The creditors will meet and vote on the proposal and, providing enough of them vote to accept it, it will go ahead. <\/p>\n\n\n\n

The IVA Proposal<\/h2>\n\n\n\n

The importance of getting the right IVA proposal is significant.<\/strong>\n As well as making sure the proposal is likely to appeal to creditors, \nit must be manageable for the debtor also. The IVA plan must be one that\n you can realistically manage, making monthly payments while still \nhaving a good standard of living. The better the proposal, the more \nlikely your IVA is to be a success. Getting the wrong proposal makes the\n IVA more likely to be rejected, or to fail once it is up and running.<\/p>\n\n\n\n

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

Your Insolvency Practitioner will help you to put your IVA proposal \ntogether, and acts as the Nominee while the proposal process is being \ncarried out. They will know how to tailor the proposal in a way that \nwill make creditors more amenable to it. However, they also need to make\n sure that you understand the implications of the proposal and that you \nare willing to sign up to it.<\/p>\n\n\n\n

Your information<\/h2>\n\n\n\n

An IVA proposal is made up of a number of component parts. It must \ninclude an overview of your assets and liabilities, so that the \ncreditors can get a sense of your overall financial state.<\/p>\n\n\n\n

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

The IVA proposal will also put forward a payment plan, indicating the\n period over which the IVA should be carried out, and what you are \nproposing to pay your creditors during this time.<\/p>\n\n\n\n

Your situation<\/h2>\n\n\n\n

Your IP will also include comments on your proposal and your \nsituation. If there have been issues or events in your life affecting \nyour finances in the past, these may be included. Similarly, if you have\n future plans that may affect your income, these should also be included\n in the proposal.<\/p>\n\n\n\n

Creditors meeting<\/h2>\n\n\n\n

The IP will propose to the court that a meeting of your creditors \nshould be held to consider your IVA proposal. The proposal is forwarded \nto the relevant creditors so that they may consider and ultimately vote \non it at the meeting.<\/p>\n\n\n\n

Your IP will guide you throughout the process of putting forward an \nIVA proposal. If you have any questions or issues regarding it, make \nsure you bring them up and have them clarified before the IVA goes \nahead.<\/p>\n\n\n\n

An IVA is only going to be a success if you have put forward a proposal that works for you.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The importance of getting the right IVA proposal is significant. As well as making sure the proposal is likely to appeal to creditors, it must be manageable for you also.<\/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-4389","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\/4389","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=4389"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4389\/revisions"}],"predecessor-version":[{"id":4403,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4389\/revisions\/4403"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}