Individual Voluntary Arrangement

Advice Stage:

Proposal - This involves a full discussion of your circumstances and all your available options. If you decide an IVA is right for you, we will help to prepare your proposal which will be presented to your creditors. The proposal will detail all your assets, liabilities, income and expenditure and includes your offer of payment. This can either be a monthly contribution based on what you can afford for a fixed term (usually 5 years) or a lump sum payment. We will then send a copy of the document to you, to ensure that all the information is accurate.

Nominee Stage:

Meeting Of Creditors - If you are happy with the content of your document, you sign to agree to it. The document becomes your proposal. This will be circulated to your creditors alongside an Insolvency Practitioner’s report to convene a Meeting of Creditors. We will advise you of the time and date of the Meeting, which will be approximately 2 – 3 weeks from the date of circulation. The Meeting is held at our offices and your creditors usually submit votes by proxy – fax and email. While you are invited to attend the offices for your Meeting, your presence is not essential, however we would request that you be available for us to contact you by telephone.

During the time between circulating your proposal and the date of your Meeting, we will liaise with your unsecured creditors to request votes and to address any queries that may be raised. If any of your creditors request changes or modifications to your proposal, we will discuss these with you and amend your proposal only with your agreement.

Supervisory Stage:

Once we have gained agreement from you and your creditors, your IVA is then approved and legally binding. You will be assigned to a dedicated administrator who will support you through the Arrangement to its completion. Your administrator will conduct a review of your income and expenditure on each anniversary of your Meeting of Creditors, to identify any changes to your circumstances. It is also essential to advise your Administrator of any changes to your income and expenditure, or to your circumstances, as and when they occur.

On a regular basis, your payments will be distributed between your creditors and each year you will receive a report stating how much has been paid.

At the end of your IVA, you will receive a Certificate of Completion which is a formal document stating that you have complied with the Arrangement.