IVA Process
If eligible for an IVA and you wish to pursue further then you should have a complete assessment carried out. This would usually be done over the phone and should take no more than 15 minutes. It is adviseable that you have documentation to hand on the creditors to whom you owe money to.
Once an assessment has been completed a proposal along with a copy of your assessment is sent out in a pack for you to check, sign and return. Also included in the pack will be a request for the following documentation :
- Photographic ID and a Recent Utility Bill
- Signed Authority to Act
- Last 3 month's wage slips
- Last 4 month's bank statements
- Photocopy of Mortgage Statement or Rental Agreement
- Photocopies of the most recent correspondence from lenders.
Once the pack is completed and returned the case will go before an IP Panel.
Once this has been done and date for the M.O.C. (Meeting of Creditors) will be scheduled. This is the day we will all be waiting for.
This is the day that we will find out if they have accepted your proposal.
For those of you thinking "What if I dont get my proposal approved". It's ok the IP will get a 2nd chance to put forward another proposal to the creditors. But don't worry we will help choose the best IP to suit your personal circumstances, so rest assured if we choose to accept your case then you will stand an extremely high chance of success.
IVA Helpline : 08000 935 695.