IVA Process

Here we breakdown the IVA application process into its various stages. This process normally takes between 4 to 5 weeks to complete.

  1. The Consultation

    First we determine whether proposing an IVA is in your best interests by way of a telephone consultation.

    Once we've established that an IVA is a viable option for your consideration, we'll then discuss your alternative options with you in detail, just to make sure that proposing an IVA is your preferred choice.

  2. Your Proposal

    Once you've decided that you want to apply for an IVA, we'll request some supporting documentation from you which we'll need in order to prepare your IVA proposal.

    Once complete, we'll then send you a copy of your IVA proposal and allow you a time to read through it before asking you to sign and return it.

  3. The Creditors' Meeting

    A virtual creditors' meeting will be arranged, to provide your creditors an opportunity to vote on your IVA proposal.

    Assuming the required majority agrees to accept your IVA proposal at the meeting, and you confirm you are happy to continue, your IVA is considered approved from this point.

  4. Your IVA Agreement

    Once your IVA has been approved, all interest is frozen, all charges and late payment fees are stopped and creditors must refrain from contacting you.

    You are now legally protected by your IVA and your creditors forfeit any right to take legal action against you, ensuring your home and any other assets are safe.

    Only now do you begin making your payments into the arrangement at the agreed level.

  5. Debt Free

    On successful completion of your IVA, you will be provided with a Final Report and 'Completion Certificate'.

    All remaining outstanding balances from your original unsecured debt which were included in your IVA are now legally written-off, leaving you debt free.

Arranging A Consultation

If you would like to find out whether entering an IVA is the most appropriate way for you to deal with your debt, whilst also learning about your alternatives options and how they compare, you will need to arrange a consultaion with one of our advisors.

Our advisors are non-judgemental and empathic, with many years experience in helping people tackle all sorts of serious debt problems and they are waiting to help you.

If you'd like to make an arrangement to speak with them, please complete this form or call the helpline number at the top of this page.

Request a Call Back

Key Information
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