{"id":9511,"date":"2014-09-25T11:26:29","date_gmt":"2014-09-25T10:26:29","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=9511"},"modified":"2019-05-16T11:28:31","modified_gmt":"2019-05-16T10:28:31","slug":"considering-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/considering-an-iva\/","title":{"rendered":"Considering an IVA"},"content":{"rendered":"\n

If you\u2019re struggling with debts, it can be tempting to take decisions quickly without taking the proper time to consider them fully. However if you do take this time you are far more likely to reach decisions that will help rather than hinder you in the long term. <\/p>\n\n\n\n\n\n\n\n

Your choices can seem few and far between when you\u2019re having debt troubles, but with the right advice you may well find you have more options than you think.<\/p>\n\n\n\n

Your circumstances<\/h2>\n\n\n\n
\"Choosing<\/figure>\n\n\n\n

Individual voluntary Arrangements have helped many people to get an \nunmanageable debt situation under control. However, IVAs are only useful\n to people in the right circumstances, and getting the right IVA \nproposal put together is of paramount importance. IVA payment plans are \nflexible, and should be tailored to your own financial circumstances, \nwhile allowing you to pay back your debts to the best of your ability.<\/p>\n\n\n\n

Payment plan<\/h2>\n\n\n\n

Your Insolvency Practitioner will help and advise you when it comes \nto putting forward a payment plan for your IVA. Your IVA proposal will \noutline how much you are committing to paying back over a set period, \nalso outlined in the proposal. This amount will typically involve you \nmaking monthly payments, and it may optionally also involve releasing \nequity from your home if you own one.<\/p>\n\n\n\n

Possible changes<\/h2>\n\n\n\n

When your IVA proposal is put to the creditors through the courts, they will have the chance to consider and vote on it. There is also a chance that they will request changes to it. Your IP will discuss any proposed changes with you and ensure that you fully understand the implications before you sign up for anything.<\/p>\n\n\n\n

Legally binding<\/h2>\n\n\n\n

An IVA is a legal contract. It binds you and your creditors to the \nagreement. Naturally this gives you certain rights as well as certain \nresponsibilities, so you should make sure that you fully understand \nthese before the IVA goes ahead.<\/p>\n\n\n\n

Failure to make payments<\/h2>\n\n\n\n

If you fail to keep up with the IVA payments, there is a chance that \nthe IVA will fail. In this case you may end up being pursued for the \ndebts through the courts, as your creditors are only prevented from \ndoing this if you keep to the terms of the IVA.<\/p>\n\n\n\n

Manageable payments<\/h2>\n\n\n\n

The amount that you are committing to pay monthly towards your IVA \nmust be realistically manageable to you. You should still be able to \nenjoy a decent standard of living as well. Make sure you do not agree to\n an IVA that involves making payments that you do not feel you can \nmanage, as this is likely to make your financial situation worse rather \nthan better.<\/p>\n\n\n\n

No further credit during IVA<\/h2>\n\n\n\n

While the IVA is ongoing you will not be able to get any further \ncredit. This may seem like a serious restriction however, it does make \nit far more likely that you will manage to use the IVA to clear your \ndebts. Once the IVA is complete you will again be able to seek credit, \nwith the debts covered by the IVA effectively settled and put behind \nyou.<\/p>\n","protected":false},"excerpt":{"rendered":"

IVAs are only useful to people in the right circumstances, and getting the right IVA proposal put together is of paramount importance.<\/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-9511","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\/9511","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=9511"}],"version-history":[{"count":2,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9511\/revisions"}],"predecessor-version":[{"id":9526,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9511\/revisions\/9526"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=9511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=9511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=9511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}