{"id":9556,"date":"2014-01-21T12:25:41","date_gmt":"2014-01-21T12:25:41","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=9556"},"modified":"2019-05-16T12:30:29","modified_gmt":"2019-05-16T11:30:29","slug":"how-do-iva-payments-work","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/how-do-iva-payments-work\/","title":{"rendered":"How do IVA payments work?"},"content":{"rendered":"\n<p>When you put forward an IVA, you will be proposing to pay a certain \namount back to your creditors over a certain period of time. Your \nInsolvency Practitioner will help you to work out a proposal that is \nlikely to be manageable for you.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>It is imperative that you only commit to making payments that you can  realistically afford, if the IVA is going to be effective. Your IP will  take a look at your income, expenses, assets and debts and help you to  do this.<\/p>\n\n\n\n<p>When you make your IVA payments, you do not pay them to your \ncreditors direct, but into a single pot of funds. Your IP will \nadminister the transferring of the funds back to your creditors, so all \nyou need to worry about is keeping to your IVA payment each month.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"822\" height=\"584\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_14248570_S.jpg\" alt=\"IVA Payments\" class=\"wp-image-9565\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_14248570_S.jpg 822w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_14248570_S-300x213.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/05\/Fotolia_14248570_S-768x546.jpg 768w\" sizes=\"auto, (max-width: 822px) 100vw, 822px\" \/><\/figure>\n\n\n\n<p>Sometimes when an IVA is proposed, the creditors may ask for certain \nchanges to be made to it before they will vote to accept it. If this \ndoes happen your IP will keep you informed so that you only sign up to \nsomething you can actually manage.<\/p>\n\n\n\n<p>If your financial circumstances change during the term of the IVA, \neither for better or worse, your IP may suggest changes to the payments.\n If you are at any point finding that you may not manage to keep up with\n the payments, your IP can negotiate with your creditors on your behalf.\n It is sometimes possible to arrange payment holidays in these \ncircumstances, and so failing to make the payments every single month \nneed not mean that the IVA has failed.<\/p>\n\n\n\n<p>IVA payments are supposed to involve paying back a fair portion of \nyour debts, but they are also supposed to allow you to maintain a \nreasonable standard of living as well, and so do tend to make clearing \nyour debts possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you make your IVA payments, you do not pay them to your creditors direct, but into a single pot of funds. <\/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-9556","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\/9556","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=9556"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9556\/revisions"}],"predecessor-version":[{"id":9566,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9556\/revisions\/9566"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=9556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=9556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=9556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}