The first step is for one of our team to speak with you to assess whether you would qualify for an IVA and to explain all the options available to you. At this stage we will help you to decide if an IVA is right for you. If you decide to proceed with an IVA we will ask you to send in specific documentation to confirm your financial position.
On receipt of your documentation we will contact you again to agree your monthly repayment and other details that will be included in the IVA documentation. We will then send this to you for your approval together with a written document confirming the basis of our advice to you.
On receipt of the signed documents from you we will then write to your creditors to set a creditors meeting date which by law will be at least 14 days’ time later. By this time they must vote for or against the proposal. This meeting is conducted via fax and email. There is no need for you to attend, however you must be available on the telephone on the meeting date so that we can discuss the details of the IVA and if your creditors have proposed any modifications (amendments to the proposal).
Once we have confirmed the approval of your IVA we will then write to your creditors to confirm the terms of the agreed IVA and to advise them that all further correspondence should be addressed to us.
Your next agreed monthly payment will be due within 30 days of the approval of the IVA.
We will make regular payments to your creditors normally on a monthly or quarterly basis once the setup fee agreed with your creditors has been paid.
Annually we will review your case with you to ensure that you can still afford to pay the agreed monthly amount and to confirm that from your point of view the IVA is proceeding satisfactorily. We then report annually to you and your creditors.
At the end of the arrangement we will report to you and all creditors and will issue a Certificate of Completion which confirms that the remaining unpaid debt has been written off. Your name will be removed from the IVA Register usually within 3 months of completion.
Your credit file will be updated by your creditors to show that the debt has been satisfied and after 6 years from the commencement of the IVA all references to the IVA will be removed from your credit file.
