{"id":4408,"date":"2014-09-25T16:56:39","date_gmt":"2014-09-25T15:56:39","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4408"},"modified":"2021-05-19T17:05:58","modified_gmt":"2021-05-19T16:05:58","slug":"iva-and-your-job","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-your-job\/","title":{"rendered":"IVA and your job"},"content":{"rendered":"\n<p>It\u2019s difficult to say whether or not an IVA (Individual Voluntary \nArrangement) is the right choice in any one person\u2019s circumstances. \nHowever, your income will be one of the deciding factors in whether an \nIVA is a realistic option.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>If your debt situation is such that bankruptcy is a possibility, an \nIVA can help to avoid this, but only in the right circumstances. If you \nare long term unemployed or sick, then the chances of using an IVA will \nbe slimmer. To carry out an IVA, you need to be able to demonstrate that\n you can make the required payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your income<\/h2>\n\n\n\n<p>When you explore using an IVA, you will be consulting with an \nInsolvency Practitioner (IP). The IP will look at your income, from \nemployment and any other sources. You may need to provide payslips to \nprove the income that you get from your job. They will also look at any \nassets you have, such as a home, car or other property. If these have \nbeen financed using mortgages or loans that are not yet paid off, you \nwill also need to provide details of this.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Outgoings<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_74124903_XS-1.jpg\" alt=\"Expenses\" class=\"wp-image-4427\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_74124903_XS-1.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_74124903_XS-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure><\/div>\n\n\n\n<p>The IP will also look at your outgoings, as well as all of your \ndebts. They will weigh up this information and make a judgement about \nwhether you can in fact afford to make payments towards an IVA. It is \ngenerally the case that you will be required to pay at least \u00a3200 per \nmonth towards your IVA debt for the agreement to go ahead. You should be\n able to make this payment while still having enough left over to live \non.<\/p>\n\n\n\n<p>If your IP agrees that an IVA is going to be a good option for you, \nthey will include their comments on your IVA proposal for the creditors \nto consider.<\/p>\n\n\n\n<p>If you have sufficient regular income, for example from employment, \nthen an IVA can indeed be an effective tool in settling debts that are \ncurrently unmanageable. However, if you are not in long-term employment,\n you may be advised to consider other options such as bankruptcy.<\/p>\n\n\n\n<p>A licensed IP is in the best position to advise you in any of these \nsituations, as they can give you a rundown of what your options are, as \nwell as informing you of the long term implications of each. It\u2019s \nimpossible to say what options are going to be available to any one \nperson, but professional debt experts are well placed to do this with \nthe right information about your case.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have sufficient regular income, for example from employment, then an IVA can indeed be an effective tool in settling debts that are currently unmanageable. <\/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-4408","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\/4408","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=4408"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4408\/revisions"}],"predecessor-version":[{"id":13600,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4408\/revisions\/13600"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}