How do I start an IVA?

1. You complete and return our standard application form together with copies of all recent bank statements. We will then discuss areas with you such as what the costs of the IVA are.
2. On receipt of your questionnaire one of our consultants will contact you in order to talk through your application. At this juncture we will discuss whether to choose bankruptcy or an IVA. We can also talk to you the IVA criteria.
3. If our case meets our standard criteria you will accepted onto the Individual Voluntary Arrangement - IVA programme and referred to one our panel members. At this juncture we will provide you with all the help and advice you need in order to start an IVA
4. The panel member will now act for you and will then contact all your creditors informing them that they are now your legal representative. At this juncture we can always answer questions on how does an IVA work.
5. Based on the information provided by you an Individual Voluntary Arrangement - IVA proposal will be draughted , this is a written agreement which sets out the actual terms of the Individual Voluntary Arrangement - IVA.
6. In order to legally protect you from your creditors a form of legal protection called an "interim order" is granted. This is a process which enables full protection from your creditors.
7. Once the Interim Order is granted no legal action may be bought against you. Having an interim order means you are fully protected from creditors issuing or continuing bankruptcy proceedings.
8. The panel member then prepares a statement called a "Nominees Report" which portrays a professional opinion as to whether the Individual Voluntary Arrangement - IVA is a bonafide offer.
9. Shortly afterwards a meeting of creditors is held. In theory this meeting consists of all the creditors gathered in a room to discuss the Individual Voluntary Arrangement - IVA. In practice, however, creditors rarely attend because all voting is done prior to the meeting.
10. Once the Individual Voluntary Arrangement - IVA is approved you are legally contracted to keep up your monthly Individual Voluntary Arrangement - IVA payments. Once accepted your creditors can never bother you again. This monthly payment will be easily affordabe because it is based on your disposable income