- You complete and return a standard application form.
- One of our consultants will contact you in order to talk through your
application.
- If your case meets the standard criteria you will accepted onto the
IVA programme and referred to a professional licenced insolvency practitioner.
- The practitioner who acts for you will contact all your creditors
advising them that he legally represents you.
- Based on the information provided by you, an IVA proposal will be
drafted, this is a written agreement that sets out the actual terms
of the IVA.
- In order to legally protect you from your creditors the court grants
a protection procedure called an "interim order". This is
a process that provides you with full protection from your creditors.
- Once the Interim Order is granted no legal action may be commenced
against you. Having an interim order means you are fully protected from
creditors issuing or continuing bankruptcy
proceedings.
- The panel member then prepares a statement called a "Nominees
Report" which portrays a professional opinion as to whether the
IVA is a bona-fide offer.
- Shortly afterwards a meeting of creditors is held. In theory this
meeting consists of all the creditors gathered in a room to discuss
the IVA. In practice, however, creditors rarely attend because all voting
is done prior to the meeting.
- Once the IVA is approved and implemented and on the basis that you
maintain the agreed monthly payments, your creditors need never bother
you again
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