IVA Process

The IVA process is complex, as it is a legally binding agreement with your creditors that can only be put forward by an Insolvency Practitioner. An IVA is a legally binding contract with your creditors where you agree to make set monthly payments based on your income and a proportion of your debt will be written off.

It will all begin with a simple free phone call to 0800 019 5870 (or filling in a quick online form) to One Advice, and from there we will be able to help you begin your debt free future. 

The IVA Process:

The time frame detailed below is the average number of days taken to process your IVA paperwork, but each case is unique and the below timeframe is only a guidance to how long it will take to arrange your IVA proposal.

	You make initial contact with us One of our expert advisors will determine whether an IVA is the best option for you. We send our "Fact Finder" pack to you.
	You send signed "Fact Finder" pack back to us incorporating supporting documentation, such as bank statements.
	We draft your IVA proposal based on your unique information, and issue it to you. This will outline the terms of your proposed IVA.
	You sign the IVA proposal and send it back to us. We organise meetings with your creditors and any administration tasks until…
	…your IVA proposal has been agreed. All you need to do is to keep to your agreed monthly payments so you are on the road to clearing your debt.
	Congratulations! You are DEBT FREE.

Further Details of the IVA Process 

During the IVA process and in order to protect you from your creditors calls and letters, One Advice may apply for an Interim Order which means that creditors cannot continue with any legal proceedings against your debt.

Your IVA proposal will be submitted to your creditors who will hold a meeting to vote on accepting or rejecting your proposal. Normally, your Insolvency Practitioner will represent you, acting as Chairman, to propose your IVA. There is no guarantee of success, but Insolvency Practitioners would not propose an IVA that isn’t likely to be accepted.

Of those creditors who vote, if 75% (in terms of debt value) accept the proposal your IVA is approved. All your unsecured creditors are bound by the IVA, whether they voted against or didn’t vote at all.

For those that qualify, an IVA can be the best way to sort out serious debt problems.

If this sounds like the perfect option or you would just like some more information on how an IVA can help you, please fill in our Quick Enquiry form or call free phone 0800 019 5870.

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)