If you have decided to start an IVA there are a number of steps you will need to go through. When they are all completed and your IVA is paid you will be debt free.
- Decide if an IVA is right for you
- Propose your IVA
- IVA Accepted
- Pay IVA
- IVA completed. New Debt Free life
Once you have decided an IVA is right for you the first step is to make an IVA proposal to your creditors. You cannot do this yourself. You will need to get the help of a licenses specialist called an Insolvency Practitioner.
Your creditors will accept your IVA if they believe you are making your best effort to repay them as much as you can.
Given you make all your agreed payments and complete any other obligations within the Arrangement any outstanding unsecured debt will be written off. You will then be able to get on with your life debt free.