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Start an IVA

Start an IVAIf 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

Do you want help to start an IVA?

Give us a call on 0800 180 8013 or complete the form
below to speak to one of our experts

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.

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The IVA Process

 Is an IVA Right for You?

An IVA is not right for everyone. Whether or not it is a suitable debt solution for you will depend on a number of factors. These include things like the amount and type of debt you owe and how much you can afford to repay.

In addition you will need to consider how the IVA will affect things such your property and other belongings and credit rating.

 Propose your IVA

Because it is a formal legally binding solution you cannot propose an IVA yourself. You need to use an Insolvency Practitioner (IP).

Your IP will review your financial circumstances and agree the best possible proposal with you. They will then be responsible for negotiating directly with your creditors on your behalf.

 IVA Accepted

Your IVA cannot be put in place without the agreement of the creditors. Having said that not all of them have to agree. The rule is that 75% of those who decide to vote on the proposal must accept it.

If they do then the agreement then becomes legally binding on them all. Once it is accepted by the majority even a creditor who rejected the proposal is legally forced to accept it.

Do you want help to start an IVA?

Give us a call on 0800 180 8013 or complete the form
below to speak to one of our experts

 Pay your IVA

Once your IVA is accepted you must fulfil the obligations you have agreed to. For most people this means maintaining the agreed monthly payments. You may have also agreed to pay additional money into the Arrangement after the sale of an asset such as a car.

If you are a home owner you will normally have to try and release equity from your property. If you are unable to do this your monthly payments could be extended for an additional 12 months.

 IVA Completed – Start your new debt free life

Once you have carried out all your obligations as agreed your IVA will be completed. You will receive written confirmation of this from your IP.

At this point any debts included in the Arrangement which have not been paid are written off. You can then carry on with your life debt free. You can then start to rebuild your credit rating. In time you will be able to borrow again and in particular apply for a mortgage if you wish.

 Government Advice about Dealing with Debt

As well as the information found on this website the Government’s Insolvency Service has produced a useful guide to personal debt solutions which you might also find useful: “In Debt – Dealing with your creditors”.

The Money Advice Service (MAS) are an independent service set up by the Government to provide people with free advice about all aspects of personal finances. For help from MAS if you are struggling with debt please follow this link: MAS – Help if you are struggling with debt.

It is also recommended that you read this one page document produced by MAS entitled “Dealing with debt – 5 things you should know”.

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