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What is an IVA? What are Process of Obtaining an IVA?   IVA Mortgages Frequently Asked Questions

What is an IVA?

Individual Voluntary Agreement is an agreement that can be used by all individuals, Sole Traders(self employed) and Partner, who are in financial difficulties, and wish to resolve and compromise debts so as to avoid bankruptcy.

It is a legal agreement between you and your creditors. IVAs were introduced by the 1986 Insolvency Act, and since then a large number of people have entered into IVAs rather than petitioning for bankruptcy.

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What are Process of Obtaining an IVA?

An IVA has a set process, firstly a proposal is submitted to a court to get an Interim Order, this order is used by the court to stop creditors from taking any action against you at the same time as a meeting of your creditors is called to decide whether the proposals are acceptable for them.

You will need to present something known as an IVA file, this should contain

1. The proposal
2. The date and location of the meeting of the creditors
3. A statement of all your assets and liabilities and also your incomes and expenditure
4. Written statement as to why an IVA is required and what lead to it
5. Complete list of creditors
6. A schedule advising creditors of the necessary majority required to approve the IVA
7. A guide to the fees charged by the supervisor following the approval of the IVA
8. A proxy for voting

The creditors meeting will usually be held 2-4 weeks after the IVA file has been circulated to your creditors. The purpose this meeting is for your creditors to agree to or reject your IVA proposal, with or without making modifications which can be requested by your creditors during the meeting.

For your IVA proposal to be accepted it requires 75% of them to agree with your proposal and vote for it. When the IVA is approved you get assigned a Supervisor in most cases this is usually the Nominee, to ensure that you adhere to the proposals and to distribute the dividends to creditors. If you then finally agree and satisfy the terms of the agreement set by the creditors then you will be discharged of all liabilities that were included in your IVA file.

An IVA or Individual Voluntary Agreement is a legally binding deal which has been brokered by a third party licensed insolvency practitioner who will put forward a single repayment proposal to all your existing creditors, your creditors will then vote to make a decision on whether or not to accept the payment proposal. The plan will be accepted if 2/3 of your creditors vote for it. This will be then binding on even those who voted against it. IVAs are what is known as a FULL and FINAL settlement of your debt, this means that all debt that is outstanding at the end of your IVA period will be written off by your creditors. This is suitable for large unsecured debts of over £15,000, owed to 3 or more different lenders, and will be monitored closely by the courts. IVAs are usually for a period of five years, where you will be paying off how ever much you can afford to pay monthly, this figure is at least £200 a month. Debts can be from store cards, credit cards, overdrafts, student loans, personal loans, and catalogues. If you own a home, then you may be asked to get a remortgage to release any equity you may have, in order to pay off debts. With IVA’s you could end up only having to pay back as little as 25% of your outstanding debts. .

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IVA Mortgages Frequently Asked Questions