IVA Process

Although there seems to be a lot involved in the whole IVA process, you really leave everything up to us. You don’t have to do anything apart from provide us with the relevant information that we ask for.

The Procedure:

Step 1: We will first review your entire financial situation with one of our debt advisors’ The debt advisor will work out how much you can afford to offer your creditors and whether the IVA is likely to be accepted or rejected (if it is rejected, debt management is the next option). If the debt advisor agrees that the IVA is right for you then send all the relevant paperwork for you to read, sign and return straight away. One you paperwork has been returned the IP can start the IVA process

Step 2: The IP will then draft a formal written proposal for all of your creditors. This will normally detail all of your debts and the background to them. You will have to agree and sign this document as being the very best offer that you can make to your creditors. The Insolvency Practitioner should also explain other options at this point such as bankruptcy (to make sure that the IVA is the right solution and that you have considered all alternatives).

Step 3: Your creditors will be issued with a copy of your proposal. They may accept it without modification or request a modification to be made. If a modification is requested then your IP will contact you with the new details (typically it will involve an increase in your monthly contributions to the IVA).

Step 4: A creditors meeting is held (It is normally done over the telephone). This is an opportunity for the creditors to discuss your proposal. Your creditors may not attend the meeting but will offer their acceptance of the proposal in writing. At the meeting as long as 75% of the value of the creditors who have responded to the proposal either in writing or person accept, then the proposal becomes legally binding on all creditors.

Step 5: The court and all creditors are formally informed of the result of the meeting and the IP is normally appointed as the supervisor of the Arrangement. S/he will monitor the monthly contributions, supervise the disposal of any assets and fulfil any other requirements of the creditors.

Step 6: Maintain your monthly payments into the IVA for the length of time agreed (normally 5 years).

Step 7: Once these and any other terms of your arrangement have been fulfilled, you will be free from your debts, and any outstanding balance will be written off.

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you and we have the lowest debt managenent fees in the industy

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

Start you debt free life today! with one of our debt solutions.

Debt Management | Individual Voluntary Arrangement | Protected Trust Deed | Bankruptcy

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