IVA Information
- The first step is to contact us and discuss your situation so we can decide if an
IVA will be suitable for you.
- If you are eligible then you need to weigh up the pros and cons (these are listed
at the foot of this page) before deciding whether or not it's the right debt solution
for your circumstances.
- Once you've decided to go ahead, your details will be passed to a Licensed Insolvency
Practitioner (I.P.) who will prepare a proposal to be submitted to your creditors
based on your income and expenditure.
- Your IVA proposal with details of how much you can afford to repay each month will
be sent to all of your creditors.
- Your creditors will then be given the opportunity to accept or reject your proposal
for the repayment of the money they're owed.
- You'll need 75% by value of your creditors to accept your proposal so that your
IVA can proceed.
- If your IVA is able to go ahead, you will be appointed an I.P. to administer your
agreement. They will monitor your monthly payments and arrange for the release of
any equity in your home that must be made available to your creditors. Your I.P.
may also arrange the sale of your vehicle if it's a valuable asset.
- You are then legally obliged to make your agreed lower monthly payment to your I.P.
who will distribute it accordingly amongst your creditors. Failure to make these
payments when they're due could result in you being made bankrupt.
- If there are any changes to your personal circumstances such as getting a bonus
or pay rise, losing your job or receiving a cash windfall, you must tell your I.P.
immediately.
- When you've made your agreed monthly payments for the period of 5 years, any remaining
debt included in your IVA will then be written off, leaving you debt free once more.
Our friendly advisors are on hand to guide you through the process step-by-step,
Contact Us
now.