An Individual Voluntary Arrangement - IVA is a formal contract or arrangement between you and your creditors where you will come to an agreement with people you owe money, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe. This is the main purpose of IVA. Generally after 5 years your debt is classed as settled. Due to its formal nature, an Individual Voluntary Arrangement - IVA has to be set up by a licensed professional called an Insolvency Practitioner (IP).
Typically an IVA will take aroun 2 months. It also depends a lot on how much information you provide and how quickly you provide them.
Number of Days Taken
Event
Additional Information
0
Case initiation
1
Letter of confirmation sent to the client advicing that IVA process has been started.
7
Clients are issued to the client with a draft proposal
At this stage any additional information will be asked for.
7
Client will look through the draft proposal to see if everything is ok and if there are any information needs to be adjusted.
2
On receipt of the Nominee's "Consent to Act", Interim Order application is issued to client.
Clients usually file the paperwork at Court but may swear before a solicitor and the Insolvency Practitioner will file.
1
Interim order granted by the County Court
14
Once the Interim Order is granted, the report is filed at Court.
This report advices on the time and date for the "Creditor Meeting".
7
Notice of Creditors Meeting is issued to all creditors involved in the IVA.
21
Creditors meeting takes place
Meeting is held not more than 28 days from hearing of Nominee's Report. It may be adjourned up to a maximum of 14 days from the date of the original meeting.
Total 60 Days
Once your IVA recieved 75% votes from the creditors, then your IVA is approved and you will be on your way to becoming debt free.
This is an estimated timescale. Once you have contacted your insolvency practitioner, he/she will be able to give you a more appropriate time. To contact our specialist team of Insolvency Practitioners fill in the enquiry form. One of our Insolvency Practitioners will contact you as soon as possible.
Why use us to set up your IVA?
If you have debts over £15,000 than our Insolvency Practitioners can help you by proposing an IVA plan for you. Our Practitioners are industry regulated with many years experience in dealing with people like yourselves. We believe in providing honest, professional and reliable service. Fill out our online no obligation enquiry form to arrange a callback from one of our specialist Insolvency Practitioners. They will be happy to listen to you and devise a plan that is best suitable for your situation.
