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What are the steps in an
IVA?
Here we explain the 7 steps to an IVA. |
Step 1
Together we review your entire financial situation and work out the
most effective solution to your problem. A Statement of Affairs is
prepared on your behalf and sent out for you to sign and return with all
your paperwork (e.g. wage slips, statements etc).
Step 2
It is then passed to a quality control team who ensure your
paperwork and details are accurate, this enures smoother processing and
a higher chance of success. Your details are then passed to a Licensed
Insolvency Practitioner who will review your situation and begin acting
on your behalf.
Step 3
The Licensed Insolvency Practitioner will prepare a draft IVA proposal
on your behalf. They will become the proposal Nominee. In agreeing to
act for you, the IP must be convinced that your proposal is in the best
interests of your creditors, that there is a clear advantage for your
creditors over bankruptcy and that you are doing the very best you can.
You will normally have a meeting face to face with the Insolvency
Practitioner.
Step 4
Each of your creditors is sent a copy of your proposal. They will be
given two weeks to consider it. They may accept it, accept it with
modifications or reject it. No modification of your proposal will be
accepted without your agreement.
Step 5
At the end of the two week period, a creditor’s meeting is held. The
meeting is chaired by the Insolvency Practitioner and you will be asked
to attend. Normally your creditors will choose not to attend and vote by
proxy. If creditors representing 75% of the total value of your debt
agree to your proposal, it will then be binding on the others. All
creditors must then freeze interest and additional charges.
Step 6
The Court is informed of the result of the meeting and the Licensed
Insolvency Practitioner is normally appointed as the Supervisor of the
Arrangement. They will monitor your monthly payments, supervise the
disposal of any assets and fulfil any other requirements as agreed in
your IVA.
Step 7
Once you have met all the terms of your IVA including making all
necessary monthly payments, you will then have settled your debt in
full. Any outstanding debt will be written off under the law and you
will be left debt free to turn over a new leaf.
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Vincent Bond on the BBC more |
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Vincent Bond on the BBC more |
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Thankyou so much for the chat yesterday, you really put my mind at ease. It was so refresh ... more
27 July 2010
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Thank you so much for all you help and support, thanks to you my IVA has been accepted and ... more
25 July 2010
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Excellent very supportive will follow advice and be back in contact in near future ... more
22 July 2010
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do not think louise could improve on the help she has given me , nor the time and speed as ... more
22 July 2010
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Tracey, you cannot do anything better than you you do now. Fantastic person to deal with, ... more
21 July 2010
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It's just nice to know there's a place like Vincent Bond for people to go to as an alterna ... more
20 July 2010
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the service i have had has been great and helped me a lot. this is the first time i have b ... more
17 July 2010
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It's such an embarrasing subject and being so young and in debt I wondered what would they ... more
17 July 2010
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Keith was professional from the first moment we spoke. He understood the circumstances I w ... more
14 July 2010
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After being with another organization and seeing how they treated me like a number, it is ... more
11 July 2010
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