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Getting an IVA

So how does one go about getting an IVA? How long does it take?

Below, we will go through the step-by-step process of getting an IVA to give you a realistic picture of what all it involves.
Please note that no allowance has been made for the length of time that it takes for a client to return paperwork or to file paperwork at Court, as this varies significantly from client to client.

You make initial contact with us.
We send our "Financial Questionnaire" package to you.
When you make initial contact with us, we will need to ask you about your debts, personal finances, and your essential expenditure. Only if we believe that an IVA is likely to be accepted in your circumstances will we advise a formal proposal.

You send the signed "Financial Questionnaire" package back to us.
Once we have your case, you will need to complete and return a questionnaire (via freepost), which gives one of our advisors the information needed to prepare the IVA Proposal. You will then need to sign a formal letter of instruction, as well as a letter authorizing us to contact your creditors. This will hopefully ensure that the creditors stop contacting you and begin contacting us instead. 

We draft the IVA proposal and send it to you.
A draft proposal will be prepared based on the data you have provided, and sent for your approval. You may be asked to provide further details regarding any information that is outstanding or missing.

You sign the IVA proposal and send it back to us.
The draft proposal is returned to us by freepost with any alterations and missing information required. The IVA proposal is then updated and returned to you for final approval.

  1. We prepare a report to comment on your offer to your creditors and lodge this report and your IVA proposal in court. This is a formality; you will not be required to attend court unless there are exceptional circumstances. If there are such circumstances, you will be advised at the start of your case.
  2. A creditors meeting is convened and your IVA proposal together with our report will be sent to all creditors to consider. You do not have to attend this meeting, but may do so if you wish.
  3. At the creditors meeting, they vote on whether they are willing to accept your offer. If 75% (by value of the debt) of the creditors agree to accept your offer, the IVA is approved. The arrangement will be binding to all creditors at that point, whether they voted or not.
  4. If necessary, the creditors meeting of can be adjourned for up to 14 days to consider any revised offers, if applicable.

Congratulations! Your IVA proposal has been agreed.

You are now debt free


This is provided that you continue to maintain the payments and terms of the agreement.

“Loans are subject to status and available to UK residents aged 18 and over”

“Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it"

Call us on 0844 800 4564 for Confidential Advice.

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