The Nominee part of the IVA process covers everything which happens with your case all the way up to being approved by creditors and will work along the following lines :-

a) An initial discussion or IVA Fact Find will take place to determine the status of your debt problems and whether you actually qualify for an IVA or not.

b) If the Fact Find determines that you do qualify for an IVA then the IVA Company will send out some basic documentation, usually including an Authority to Act (allowing the IVA Company to work on your behalf).

c) Once you have completed and returned the initial documentation then the IVA Company will have a further discussion with you to gain complete understanding of your case. This further research aims to allow the case to be proposed to creditors in the best possible light.

d) The IVA Company will also approach creditors where necessary to obtain up to date balances on all of your unsecured credit.

e) Once all of the required documentation has been gathered and researched to reinforce your case then an IVA Proposal will be produced. The IVA Proposal is the basic legal document which – if approved by creditors – forms your IVA contract.

f) The IVA Proposal is signed by you as a true and accurate reflection of your financial affairs and is then distributed to creditors for review, comment and hopefully approval.

g) A Creditors Meeting is called, the date usually being 15 days after the distribution of the IVA Proposal. For many of the people we deal with in putting together an IVA, the Creditors Meeting is perceived to be the worst part of the process. However in reality this “meeting” is a misnomer. In the vast majority of cases the Creditors Meeting is conducted by telephone and fax and no actual meeting takes place.

h) The result of the Creditors Meeting is then communicated to the debtor. An IVA “Chairman's Report” is formally sent to the debtor within seven days to confirm the outcome of the Creditors Meeting and – if the IVA is accepted – the IVA commences.

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