{"id":15305,"date":"2024-01-09T15:56:03","date_gmt":"2024-01-09T15:56:03","guid":{"rendered":"https:\/\/bankruptcyservices.co.uk\/?page_id=15305"},"modified":"2024-01-11T09:07:13","modified_gmt":"2024-01-11T09:07:13","slug":"iva-how-to-proceed","status":"publish","type":"page","link":"https:\/\/bankruptcyservices.co.uk\/index.php\/iva-how-to-proceed\/","title":{"rendered":"IVA How To Proceed"},"content":{"rendered":"
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How do I proceed with an IVA?<\/h1>\n

We will take care of the whole process for you – a debt advisor will review your financial status and if an IVA is suitable then a Statement of Affairs will be drafted and then passed to an Insolvency Practitioner. The IP will liaise with your creditors to get the IVA process underway for you.<\/p>\n

Together with the IP you will work out how much you can afford to pay back to your creditors monthly and the terms of the IVA proposal. The creditor meeting is then held and if successful you will start making your monthly repayments.<\/p>\n

Your IVA will usually last 5 years and after completion whatever debt remains will be wiped off.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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What is an IVA?<\/h4>\n<\/div>
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You will be required to make a monthly payment over a 60 month period and after that whatever debt is left will be totally cleared, leaving you 100% debt free.<\/strong><\/p>\n

An IVA is available for individuals, sole traders and partners who are struggling with their debts. An IVA is particularly used by individuals who own their own property and want to avoid the possibility of losing it through bankruptcy.<\/strong><\/p>\n<\/div>\n

Read More<\/span><\/a><\/div>\n<\/div><\/div>\n
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What Happens in an IVA?<\/h4>\n<\/div>
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Once you have decided that an IVA is right for you, a debt advisor will review your financial status and work out how much you will be able to offer your creditors (this amount will be tailored to your personal circumstances).<\/strong><\/p>\n

If the debt advisor agrees that an IVA is right for you, a statement of affairs will be drafted (income, expenditure and your debts) to be passed to an Insolvency Practitioner.<\/p>\n<\/div>\n

Read More<\/span><\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Is an IVA Right For You?<\/h4>\n<\/div>
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An IVA can be tailored to your financial circumstances, your payments in an IVA will all depend on how much debt you currently owe and how much you can afford to pay back monthly.<\/strong><\/p>\n

A debt advisor will review your finances and work out a monthly repayment that is fair to both you and your creditors.
\nYour employment will not be affected by and IVA and you do not have to be a homeowner for an IVA to be accepted<\/p>\n<\/div>\n

Read More<\/span><\/a><\/div>\n<\/div><\/div>\n
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IVA Pros and Cons<\/h4>\n<\/div>
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An IVA will enable you to reduce your debts to one affordable monthly sum (based on your budget) which is usually fixed over a 60 month period.<\/strong><\/p>\n

Monthly repayments can be as little as \u00a3100 per month, and after you have completed the IVA, whatever debt is remaining will be cleared, which could be up to 75%, leaving you debt free.which could be up to 75%, leaving you debt free.<\/p>\n<\/div>\n