IVAs & Bankruptcy

Choose from the following topics:
What is an Individual Voluntary Arrangement (IVA)?
How and why would a creditor accept a lower amount?
What do I have to pay for this advice?
The Advantages of an Individual Voluntary Arrangement
The Disadvantages of an Individual Voluntary Arrangement
The Advantages of Bankruptcy
The Disadvantages of Bankruptcy
The IVA Process <

The IVA Process
1. The first stage is a fact-finding process after which a qualified, licensed insolvency practitioner will assess whether an Individual Voluntary Arrangement is the most suitable solution for your case. If it is not, or if you decide not to go ahead, we will be happy to suggest an alternative solution.
2. If an IVA is the most suitable solution, we will collate details of all aspects of your financial situation, including the value of your assets, the full nature and extent of your creditors and help you determine a realistic amount that you can afford to pay into an arrangement.
3. Following this we will discuss our findings with you and agree on the offer to be made to your creditors.
4. The insolvency practitioner (IP) will then draft your proposals for you to review. If you are satisfied with them, you will sign them.
5. The IP will then hold a meeting so that your creditors can consider your proposals. If enough of your creditors agree to your proposals the arrangement will become legally binding on all of them.
6. Once the arrangement in place you must keep to the terms. You must make the agreed payments and once you have complied with these terms you will be free from your debts, even if you have only repaid a small part of the original debt due.
7. During the arrangement the IP will conduct periodic reviews of your monthly payment. If you find that you cannot meet the agreed payments the IP can ask your creditors if they will agree to vary the terms of your proposal. All parties to the arrangement will want it to succeed. The IP will do everything they can to help you through it.