How to get an IVA

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If you're struggling with debts and feel like you're running out of options an IVA could be a way to get back in control. We give you the information & advice you need to make an IVA work for you.

		a	Find out: What is an IVA?
		b	Find out: How does an IVA work?
		c	Find out: What are the pros and cons of arranging an IVA?
		d	Find out: Should you consider getting an IVA?

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		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in bonuses?
		d	Find out: How much do you earn from overtime?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Work out: How much do you spend each month?
		f	Work out: What's your disposable income?
		g	Work out: Do you spend more than you earn?

		a	Work out: How much do you owe in total?
		b	Work out: Can you afford to keep up repayments on all your debts?
		c	Decide: Do you need to cut back?
		d	Consider: Can you earn more money?

		a	Find out: How much do you have in savings accounts?
		b	Find out: Are you paying more interest on your debt than you're earning on your savings?
		c	Decide: Should you use your savings to clear debt?
		d	Work out: How much of your savings should you put towards your debts?

		a	Do: Contact lenders if you're struggling with repayments
		b	Decide: Should you arrange a low rate credit card balance transfer?
		c	Find out: Can you cut your interest repayments using a credit card you already have?
		d	Decide: Should you consolidate your debts?
		e	Consider: Should you get a debt relief order?
		f	Consider: Should you get a debt management plan?
		g	Consider: Should you declare yourself bankrupt?

		a	Do: Speak to a free debt charity
		b	Decide: Should you arrange an IVA?

		a	Do: Get advice from a licensed professional
		b	Do: Disclose all of your financial information
		c	Decide: Agree with your supervisor how much you can afford to pay each month
		d	Do: Ask for the lenders to freeze interest payments
		e	Do: Have your creditors vote on the IVA
		f	Do: Ask lenders to reduce payments

		a	Do: Start making payments if your IVA is agreed
		b	Do: Inform the insolvency practitioner if your situation changes
		c	Find out: What should you do if your IVA application is refused?

		a	Do: Start working to a careful budget
		b	Do: Make payments to the insolvency practitioner as agreed
		c	Do: Inform your insolvency practitioner if your circumstances change

		a	Do: Review your situation once your debt is cleared
		b	Do: Update your credit report once your IVA is completed