{"id":14701,"date":"2023-06-07T06:02:13","date_gmt":"2023-06-07T06:02:13","guid":{"rendered":"https:\/\/bankruptcyservices.co.uk\/?page_id=14701"},"modified":"2024-01-08T18:14:33","modified_gmt":"2024-01-08T18:14:33","slug":"iva-pros-and-cons","status":"publish","type":"page","link":"https:\/\/bankruptcyservices.co.uk\/index.php\/iva-pros-and-cons\/","title":{"rendered":"IVA Pros and Cons"},"content":{"rendered":"<div id=\"cmsmasters_row_r52hfx7yrc\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_boxed\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner\">\n<div class=\"cmsmasters_row_margin\">\n<div id=\"cmsmasters_column_g46nxmssd8\" class=\"cmsmasters_column one_first\">\n<div class=\"cmsmasters_column_inner\"><div class=\"cmsmasters_text\">\n<h3 style=\"text-align: center;\">An IVA will enable you to reduce your debts to one affordable monthly sum (based on your budget) which is usually fixed over a 60 month period. Monthly repayments can be as little as \u00a3100 per month, and after you have completed the IVA, whatever debt is remaining will be cleared, which could be up to 75%, leaving you debt free. Other benefits of an IVA include:<\/h3>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_row_fi9glkqdd\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_fullwidth\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner cmsmasters_row_fullwidth cmsmasters_row_no_margin\">\n<div class=\"cmsmasters_row_margin cmsmasters_row_columns_behavior\">\n<div id=\"cmsmasters_column_6rf377l5xg\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_u4wx6f1n5k\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_left\">\n\t<h4 class=\"cmsmasters_heading\"><\/h4>\n<\/div><div id=\"cmsmasters_heading_w77tp229ki\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h2 class=\"cmsmasters_heading\">Advantages<\/h2>\n<\/div><div id=\"cmsmasters_fb_rv3eqw8syg\" class=\"cmsmasters_featured_block\">\n<div class=\"featured_block_inner\">\n<div class=\"featured_block_text\">\n<ul>\n<li>Freeze all creditor interest that you pay<\/li>\n<li>IVA will cut the amount that you owe which could be up to 75%<\/li>\n<li>Prevent creditors taking any legal action against you<\/li>\n<li>No Restrictions to obtaining personal credit<\/li>\n<li>It is a private agreement, It is not publicly advertised unlike bankruptcy<\/li>\n<li>Professional status not affected, you can continue to trade (i.e. company director, solicitor)<\/li>\n<li>One affordable monthly repayment<\/li>\n<li>Debt Free within 5 years<\/li>\n<li>An IVA will allow you to keep your House and Car<\/li>\n<li>Avoid Bankruptcy<\/li>\n<li>Your IVA will be dealt with by a licensed insolvency practitioner<\/li>\n<\/ul>\n\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_divider_9yc5jt48e9\" class=\"cl\"><\/div>\n<\/div><\/div>\n<div id=\"cmsmasters_column_pjlfp7ikba\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"cmsmasters_row_om6jytz8c\" class=\"cmsmasters_row cmsmasters_color_scheme_default cmsmasters_row_top_default cmsmasters_row_bot_default cmsmasters_row_boxed\">\n<div class=\"cmsmasters_row_outer_parent\">\n<div class=\"cmsmasters_row_outer\">\n<div class=\"cmsmasters_row_inner\">\n<div class=\"cmsmasters_row_margin\">\n<div id=\"cmsmasters_column_3tjuohvjs\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><\/div><\/div>\n<div id=\"cmsmasters_column_vsw7srscim\" class=\"cmsmasters_column one_half\">\n<div class=\"cmsmasters_column_inner\"><div id=\"cmsmasters_heading_rwuow1yr05\" class=\"cmsmasters_heading_wrap cmsmasters_heading_align_center\">\n\t<h2 class=\"cmsmasters_heading\">Disadvantages of IVA:<\/h2>\n<\/div><div class=\"cmsmasters_text\">\n<ul>\n<li>An IVA will have a negative effect on your credit rating making it difficult to obtain credit<\/li>\n<li>Failure of an IVA may result in bankruptcy proceeding<\/li>\n<li>5 year period for an IVA compared to a maximum of 3 years with bankruptcy<\/li>\n<li>You must be able to afford a monthly payment, usually over a minimum of \u00a3100 per month<\/li>\n<li>IVAs are usually only suitable for debts over \u00a310,000<\/li>\n<li>You will end up paying more back to your creditors than you would in bankruptcy<\/li>\n<li>All creditors must be included, you cannot make separate arrangements<\/li>\n<\/ul>\n<\/div>\n<div id=\"cmsmasters_divider_8sazqvtlbi\" class=\"cl\"><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-14701","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=14701"}],"version-history":[{"count":25,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14701\/revisions"}],"predecessor-version":[{"id":15222,"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/pages\/14701\/revisions\/15222"}],"wp:attachment":[{"href":"https:\/\/bankruptcyservices.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=14701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}