{"id":108,"date":"2018-08-03T13:41:31","date_gmt":"2018-08-03T13:41:31","guid":{"rendered":"https:\/\/www.eaffyfinance.co.uk\/?p=108"},"modified":"2018-08-03T13:41:31","modified_gmt":"2018-08-03T13:41:31","slug":"iva","status":"publish","type":"post","link":"https:\/\/everyonefinance.uk\/blog\/2018\/08\/03\/iva\/","title":{"rendered":"IVA"},"content":{"rendered":"<h1><strong>IVA &#8211; Individual Voluntary Arrangement.<\/strong><\/h1>\n<p><strong>A Debt Solution to help you pay all or a part of your debts over a pre-decided period.<\/strong><\/p>\n<p>Are you struggling to pay off all your debts? Well, you can explore the option of going for an IVA.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>What is an IVA?<\/strong><\/h2>\n<p>An individual voluntary arrangement, a legally binding one. It&#8217;s a formal agreement between you and your creditors. This arrangement enables you to pay off all or a part of your debts in an affordable manner.<\/p>\n<p>In simple terms, through this procedure, you make an offer to your creditors based on how much you can afford.<\/p>\n<p>One can only get an IVA with the help of an insolvency practitioner. It gets started if at least a 75% of your creditors agree to it, even if the remaining ones do not.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><u>You get two options:<\/u><\/strong><\/p>\n<p>1. An opportunity to pay your debt in a lump sum, also called a lump sum IVA.<\/p>\n<p>2. Or a choice to make regular payments to your insolvency practitioner. The practitioner can then divide the money between your creditors. The repayment period could be for 60 or 72 months.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-110\" src=\"https:\/\/www.eaffyfinance.co.uk\/wp-content\/uploads\/2018\/08\/IVA-1.png\" alt=\"IVA\" width=\"810\" height=\"450\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>How can I get an IVA?<\/strong><\/h3>\n<p>As a first step, you contact an insolvency practitioner and share the details. These details should include your total debts, your creditors, your income, expenses, etc.<\/p>\n<p>He will then contact your creditors to get an IVA started. By doing so, the practitioner stops your creditors from taking any action against you.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Things to keep in mind while going for an IVA:<\/strong><\/h3>\n<ul>\n<li>This arrangement is only available in England, Wales and Northern Ireland. It is not available in Scotland.<\/li>\n<\/ul>\n<ul>\n<li>It gives you more control over your assets as compared to what you get in case of filing a Bankruptcy.<\/li>\n<\/ul>\n<ul>\n<li>One must find out if an IVA is right for their situation and how much it would cost. Not everyone qualifies for it.<\/li>\n<\/ul>\n<ul>\n<li>Your IVA can be cancelled if you don&#8217;t keep up with all the repayments.<\/li>\n<\/ul>\n<ul>\n<li>An IVA gets added to the Individual Insolvency Register. It gets removed three months after your IVA ends.<\/li>\n<\/ul>\n<ul>\n<li>Customer&#8217;s credit ratings get affected for six years.<\/li>\n<\/ul>\n<ul>\n<li>During an IVA, you are not allowed to take out any new debts above \u00a3500.<\/li>\n<\/ul>\n<p>It&#8217;s a form of insolvency and can impact your financial situation. Before going for an IVA, you must take the impartial and professional advice to find out how it could affect you.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Thinking about an IVA? Contact your financial adviser, now.\u00a0 <\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Also Know:<\/strong><br \/>\n<a href=\"https:\/\/www.eaffyfinance.co.uk\/county-court-judgement\/\"><strong>What is a County Court Judgement (CCJ)?<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IVA &#8211; Individual Voluntary Arrangement. A Debt Solution to help you pay all or a part of your debts over a pre-decided period. Are you struggling to pay off all your debts? Well, you can explore the option of going for an IVA. &nbsp; What is an IVA? An individual voluntary arrangement, a legally binding [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46],"class_list":["post-108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-iva","entry"],"_links":{"self":[{"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=108"}],"version-history":[{"count":0,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyonefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}