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How Does An IVA Work?

You will need to appointed an Insolvency Practitioner, he/she will then review your assets (savings, equity in home, car, and other valuables) and your liabilities (your debts, bills, living expenses such as food rent, tax etc), they will then asses what you can afford to contribute each month to the IVA. Your Insolvency Practitioner will then depending on whether your creditors are trying to take any form of legal action against you, may obtain a court order to suspend any such legal action while your IVA is being considered by your creditors. Your Insolvency Practitioner will then prepare a payment plan for your creditors from the information you have provided him/her, this will then have to be agreed by your self before he/she can present it to the creditors. Your Insolvency Practitioner will then report to the Courts to call a meeting with your creditors. This will then be held in due time by order of the court.
Your Insolvency Practitioner will send your creditors your proposal so that they can review and decide if they are to vote either to vote for or against the proposal. At the creditors meeting your creditors will be allowed to put forward proposals for modifications to your IVA proposal. They will then need to vote either for or against the proposal, in order for your proposal to be passed it needs a majority vote. If your proposal has failed then your Insolvency Practitioner can ask for a further meeting in two weeks, by which time your Insolvency Practitioner can put forward another proposal to your creditors. Once a final decision has been reached by all parties involved in the IVA your Insolvency Practitioner will then report this to the courts, at this stage both you and your creditors will be bound to the contractual terms within the IVA. Once your IVA is in place you will then have to make monthly payments for the agreed amount to your Insolvency Practitioner, who will then forward this to your creditors accordingly. Your Insolvency Practitioner will then be classified as your IVA supervisor, and he/she will review your circumstances each year, in order to review the amount that you can afford to pay. At the end of the IVA your Insolvency Practitioner will then send a report of conclusion to your creditors along with their final payments. The Insolvency Practitioner will then file a certificate certifying that you have successfully completed your IVA. This will be forwarded to credit referencing agencies.

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IVA Mortgages Frequently Asked Questions

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