An IVA is a legally binding agreement (usually lasting five years) between you and the people you owe money to, your creditors. An IVA needs to be done by an insolvency practitioner (IP), and we can help you find one if needed.
The IP will look at your income and outgoings and set a monthly amount that you can afford to pay your creditors each month. You do not have to sell your home or car, and the creditors cannot continue to collect the debt from you. After joining the IVA, you will pay the agreed monthly amount to the IP and this will include any fees they charge for their service.
Each insolvency practitioner is different and offer an IVA based on:
You cannot include priority debts such as:
1. You will need to provide certain documents to the insolvency practitioner who will be responsible for making the IVA proposal. These include:
2. Your insolvency practitioner will collate all the information and draft a proposal based on your affordability and circumstances. This will be sent to your creditors.
3. Your creditors will meet and assess the proposal. A minimum of 75% of your creditors must agree to the IVA for it to be approved.