The process of arranging and managing an Individual Voluntary Arrangement from start to finish can be divided into two distinct areas.

The Nominee Process

The Nominee part of the IVA process includes everything that happens up to and including the IVA being approved. This part of the process begins with an initial IVA Fact Find being conducted by an Insolvency Practitioner to determine your financial status and whether you qualify for an IVA. If you do qualify and it is agreed that the IVA should progress then the next step is for an IVA proposal to be submitted to each of your creditors. Should at least 75 percent of your creditors agree to the proposal the IVA is able to commence.

The IVA Nominee Process in detail

The Supervisor Process

Once the IVA has been approved the case moves over to the Supervisory process. Each IVA case is allocated a supervisor who will act as a liaison between you and your creditors. This supervisor will conduct an annual review where they will establish if your financial circumstances have changed. For example have you had a change of income or have you received a windfall such as an inheritance. If your circumstances have changed your supervisor may recommend that your creditors accept a Variation Order which is used to alter the terms of the IVA.

The IVA Supervisor Process in detail

I-V-A.org.uk is part of a group of Licensed Insolvency Practitioners who are legally able to prepare and manage your IVA from start to finish. As part of our service we are able to provide you with free impartial debt advice to help you find the best solution to your debt problems. To speak to one of our advisors simply call us on freephone 0800 054 50 43 or alternatively complete our enquiry form.