{"id":9730,"date":"2014-01-20T15:23:03","date_gmt":"2014-01-20T15:23:03","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=9730"},"modified":"2019-06-04T16:54:00","modified_gmt":"2019-06-04T15:54:00","slug":"set-up-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/set-up-an-iva\/","title":{"rendered":"Set up an IVA"},"content":{"rendered":"\n

If you\u2019re no longer able to manage your debts, an IVA or Individual \nVoluntary Arrangement may well be a good option for you. In order to get\n one, and indeed to find out whether it is in fact the best option for \nyou, you\u2019ll need professional help and advice.<\/p>\n\n\n\n\n\n\n\n

If you do end up going forward with an IVA, only a licensed \nInsolvency Practitioner can help you to do this. An IP is a professional\n and specialist in Insolvency, and can help you to work out what your \noptions are. They will also help you to work out what to propose as part\n of an IVA. In order to do this you\u2019ll need to provide them with some \ninformation.<\/p>\n\n\n\n

Information about your situation<\/h2>\n\n\n\n

Your IP will need to see details of all of your debts<\/strong>, your income<\/strong> and your assets<\/strong>\n if you have any. Based on this information they will not only advise \nyou in terms of what you should agree to in an IVA, but also in terms of\n your finances in general, for example in terms of releasing equity<\/strong>, selling assets<\/strong> etc.<\/p>\n\n\n\n

Accepting the IVA Agreement<\/h2>\n\n\n\n
\"Insolvency<\/figure>\n\n\n\n

Once your IP has an overview of your financial situation, you will be\n able to work out what arrangement would be best. They will then present\n your IVA to the creditors through the court. The creditors will then \nhave a meeting at which they discuss whether your proposal is acceptable\n to them. There isn\u2019t much you can do to influence this, as it is \nbasically up to them to decide whether to accept the agreement.<\/p>\n\n\n\n

If the creditors do accept the arrangement, they and you are then \nlegally bound to it. You will have to make whatever payments are agreed \nto in the IVA for the full term outlined, so you need to make sure that \nyou are in fact going to be able to do this.<\/p>\n\n\n\n

The process of proposing and setting up an IVA<\/strong> \ntypically takes a few weeks, but the first step is to speak to an IP and\n get the right advice as to how to move forward. With the right \narrangement, you should be getting your finances under control in no \ntime.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you do end up going forward with an IVA, only a licensed Insolvency Practitioner can help you to do this.<\/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-9730","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\/9730","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=9730"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9730\/revisions"}],"predecessor-version":[{"id":9760,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9730\/revisions\/9760"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=9730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=9730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=9730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}