{"id":4494,"date":"2014-09-25T16:02:00","date_gmt":"2014-09-25T15:02:00","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=4494"},"modified":"2019-05-16T11:05:34","modified_gmt":"2019-05-16T10:05:34","slug":"iva-and-your-income","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/iva-and-your-income\/","title":{"rendered":"IVA and your income"},"content":{"rendered":"\n

The details of an IVA (Individual Voluntary Arrangement) vary on a \ncase by case basis. There are many factors affecting whether or not an \nIVA will go ahead, and of course whether it will be a success if it \ndoes. Your income is always going to be one of the major factors in what happens with an IVA.<\/strong><\/p>\n\n\n\n\n\n\n\n

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

In order to have an IVA accepted you will have to show that you have enough income to make the required payments. Your Insolvency Practitioner (IP) will help you to establish whether this is the case, and will advise you about your options. If your income is limited, you may be able to consider using income from assets or releasing equity from property that you own. In some cases debtors may be able to secure funds from a third party to put towards their IVA proposal.<\/p>\n\n\n\n

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

Your IP will consider your income, outgoings and debts before \nadvising you about whether an IVA is going to be a good option for you. \nAs well as managing to make your IVA payments, you must be able to \nsustain a good standard of living for yourself and your family (if \napplicable).<\/p>\n\n\n\n

IVAs are most likely to go ahead for people who have reliable \nlong-term income, for example from employment. Typically an IVA will \ninvolve paying at least \u00a3200 a month, and so if your income does not \nmake this possible the chances of a successful IVA will be reduced.<\/p>\n\n\n\n

Progress<\/h2>\n\n\n\n

Once your IVA is up and running, the IP responsible for supervising \nit will monitor its progress. If your income changes, your IP may want \nto make changes to the IVA payments.<\/p>\n\n\n\n

If your income or financial state deteriorates, the IP may be able to\n take steps to prevent the failure of the IVA, perhaps by reducing \npayments and adding to the overall term, or by setting up a payment \nholiday.<\/p>\n\n\n\n

If your income improves, there is always a chance that the IP will \nrecommend that you increase the amount that you are paying toward the \nIVA. No one can tell what state your finances are going to be in as the \nIVA progresses, and so you need to be prepared for these flexibilities \nin the agreement.<\/p>\n\n\n\n

Income is not the only factor affecting an IVA, but it is certainly a\n major influence. Whether or not an IVA is accepted will depend partly \non income, as will your ability to maintain the payment plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Your income is always going to be one of the major factors in what happens with an IVA.<\/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-4494","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\/4494","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=4494"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4494\/revisions"}],"predecessor-version":[{"id":9499,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/4494\/revisions\/9499"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=4494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=4494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=4494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}