IVA

Each IVA can take up to 12 weeks from start to finish. The time it takes will depend on how quickly you can provide the required information.

Over 75% in value of the voting creditors are required to vote in favour of the IVA proposal for it to be accepted and put in place.

IVA - What is Required from the IVA Company?

A Nominee is assigned (an Insolvency Practitioner) to initially consult with you and prepare your proposal.
The insolvency practitioner conducts a fact find to gather information and determine your suitability for the IVA
If required an interim order will be prepared for you to stop anyone starting bankruptcy or any other proceedings against you. They will need the permission of the court to do so.
Evidence supporting your case will be requested from you. This will include bills, rental agreement, bank and other creditor statements, payslip's, property valuation, car make & model, proof of id
The insolvency practitioner will assess the information and discuss your case with you
The IVA proposal is drafted, reviewed and signed by yourself and the insolvency practitioner
The proposal and supporting detail is submitted to the court with the insolvency practitioner's opinion of whether a creditors meeting should be called or not
The proposal will then be sent to creditors and the creditors meeting will be arranged.
If the proposal is accepted the insolvency practitioner will issue a chairman's report detailing the voting and the outcome
The insolvency practitioner will then inform the court and supervise the arrangement

Initially you will need to contact the IVA company.
To determine if an IVA is suitable you will need to provide details of your finances. This may be done at a face-to-face meeting or over the telephone.
The details you will be expected to give include Income & Expenditure, Debt, Assets, reasons for debt, household info
If you decide to start the IVA you will need to provide supporting evidence
The supporting evidence will include bills, rental agreement, bank and other creditor statements, payslip's, property valuation, car make & model, proof of id
You may be advised to apply for an interim order to prevent your creditors bankrupting you. It also prevents them from taking other action against you without the permission of the court. The IVA company may arrange this for you.
You will need to discuss the IVA proposal with the insolvency practitioner
If you are happy with the terms you will need to agree and sign before it is sent to the creditors
If the creditors request any modifications to the proposal you will need to approve them
If the creditors accept the proposal you will then need to keep to the arrangement.