The IVA Procedure

• A legally binding way to reduce the amount that you pay back
• A way to stop any further interest charges
• A way to reduce your monthly repayments
• This means more money in your pocket at the end of the month

1. You complete and return our standard application form together with copies of all recent bank statements.
2. On receipt of your questionnaire one of our consultants will contact you in order to talk through your application.
3. If our case meets our standard criteria you will accepted onto the IVA programme and referred to one our panel members.
4. The panel member will now act for you and will then contact all your creditors informing them that they are now your legal representative.
5. Based on the information provided by you an IVA proposal will be draughted, this is a written agreement which sets out the actual terms of the IVA.
6. In order to legally protect you from your creditors a form of legal protection called an "interim order" is granted. This is a process which enables full protection from your creditors.
7. Once the Interim Order is granted no legal action may be bought against you. Having an interim order means you are fully protected from creditors issuing or continuing bankruptcy proceedings.
8. The panel member then prepares a statement called a "Nominees Report" which portrays a professional opinion as to whether the IVA is a bonafide offer.
9. 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.
10. Once the IVA is approved you are legally contracted to keep up your monthly IVA payments. Once accepted your creditors can never bother you again. This monthly payment will be easily affordabe because it is based on your disposable income.