{"id":9803,"date":"2014-01-20T15:11:45","date_gmt":"2014-01-20T15:11:45","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=9803"},"modified":"2019-06-04T16:54:12","modified_gmt":"2019-06-04T15:54:12","slug":"what-is-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/what-is-an-iva\/","title":{"rendered":"What is an IVA?"},"content":{"rendered":"\n

An Individual Voluntary Arrangement<\/a> is a legally binding agreement between you and your creditors. If you\u2019re in the position where you feel you are going to be unable to meet the terms of your current credit, you can use an IVA to avoid such consequences as bankruptcy and court action.<\/p>\n\n\n\n\n\n\n\n

Basically, if you\u2019re not going to be able to pay back the debt you \nowe to your creditors under the terms laid out, you can use an IVA to \npay the debt back in a way that you can manage. There are other \nadvantages to using an IVA, for example the costs associated tend to be \nless than with bankruptcy, and you have a greater level of control over \nwhat happens to any assets that you may have.<\/p>\n\n\n\n

In order to pursue an IVA, and indeed to work out whether it\u2019s the \nright option for you, you should speak to an Insolvency Practitioner. \nThese are professionals who are qualified and certified to perform legal\n acts associated with insolvency. A good Insolvency Practitioner will be\n able to advise you as to what your options are, which will vary \naccording to your own particular circumstances.<\/p>\n\n\n\n

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Typically IVAs are used by people having debt to two or more \ncreditors, but there is no upper or lower restriction on the amount of \ndebt that can be involved, and indeed no restriction on the amount of \nrepayments that you propose to make. If you and your creditors agree, \nthen it\u2019s a legally binding contract.<\/p>\n\n\n\n

When your Insolvency Practitioner takes your IVA proposal to the \ncourt, they will apply for an Interim Order, which prevents your \ncreditors from pursuing you legally for the duration of the order. The \ncreditors will generally hold a meeting at which they discuss and decide\n whether to accept your proposal. If they do, and you keep to the terms \nof the agreement, they cannot then take any court action against you \nregarding the debts involved.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re in the position where you feel you are going to be unable to meet the terms of your current credit, you can use an IVA to avoid bankruptcy and court action.<\/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-9803","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\/9803","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=9803"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9803\/revisions"}],"predecessor-version":[{"id":9825,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/9803\/revisions\/9825"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=9803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=9803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=9803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}