{"id":4460,"date":"2014-09-25T11:59:13","date_gmt":"2014-09-25T10:59:13","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4460"},"modified":"2019-05-14T12:08:04","modified_gmt":"2019-05-14T11:08:04","slug":"iva-and-illness","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-illness\/","title":{"rendered":"IVA and Illness"},"content":{"rendered":"\n

If you can no longer manage your debts, there is always a possibility that you may become bankrupt. There are options that you can explore before accepting this outcome, one of which is an Individual Voluntary Arrangement. <\/p>\n\n\n\n\n\n\n\n

An IVA is a way to renegotiate your debts with your creditors and to propose paying them according to an alternative payment plan that is more manageable for you.<\/strong><\/p>\n\n\n\n

An Insolvency Practitioner (IP)<\/strong> will need to look at\n your case for an IVA to be pursued, and there are a number of things \nthat they will take into account in terms of your financial situation.<\/p>\n\n\n\n

IVA Payments<\/h2>\n\n\n\n

In order for an IVA to be successful, it is generally the case that \nyou will be required to make monthly payments towards it for a specified\n period. It will have to be clear that you can manage this with your \ncurrent income, and IP will consider your income, outgoings, assets and \ndebts before advising what you should do.<\/p>\n\n\n\n

Current illness<\/h2>\n\n\n\n
\"IVA<\/figure>\n\n\n\n

If you are suffering from some long-term illness or health issue \naffecting your income, for example one that prevents\/ may prevent you \nfrom being able to work, there will be less of a chance that you will \nhave an IVA accepted. You typically have to pay at least around \u00a3200 per\n month for an IVA and so your income will indicate whether or not this \nis going to be possible.<\/p>\n\n\n\n

Illness in the Past<\/h2>\n\n\n\n

If you have had an illness in the past that has affected your income \nlevel, but are now in a position where you again have sufficient income,\n then your IP may include the details of what has happened in your IVA \nproposal. The proposal will be considered and voted on by your \ncreditors, and if you have had some reason, for example illness, that \nhas landed you in the financial situation you\u2019re currently in, this may \nencourage creditors to take a more favourable view of your proposal.<\/p>\n\n\n\n

Future illness<\/h2>\n\n\n\n

If you become ill once an IVA is already underway, and this illness \naffects your income, you should let your IP know about it as soon as \npossible. If your illness is likely only to be short-term, they may be \nable to arrange a payment holiday or perhaps reduced payments, in which \ncase you may have additional time added onto the end of the IVA term. If\n your illness is long-term, then you may need to consider other options,\n which your IP will advise you about.<\/p>\n\n\n\n

Illness can affect an IVA in a number of ways, and you should make \nsure you pass any relevant details of such issues in your life on to \nyour IP, so that they can best advise you.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you become ill once an IVA is already underway, and this illness affects your income, you should let your IP know about it as soon as possible.<\/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-4460","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\/4460","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=4460"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4460\/revisions"}],"predecessor-version":[{"id":4475,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4460\/revisions\/4475"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}