Applying for an IVA

An IVA is a complex procedure that for the vast majority of people will require guidance from financial experts. An Insolvency Practitioner (IP) will look at your circumstances and, if appropriate, put forward your IVA proposal and negotiate with creditors on your behalf, and will do their utmost to get your IVA approved. They will also supervise your IVA throughout its term.

Your first step would be to contact a specialist debt advisor to see if you qualify for an IVA, and to make sure that an IVA is the best solution to your financial problems. The IVA process usually takes between four to six weeks, during which time you complete the required documentation and your IP arranges a meeting with your creditors. Remember that an IVA is a legally binding contract between you and your creditors, and once it is approved, the stipulations of the contract should be followed through to prevent any legal action against both you and your creditors.

To see if you qualify for an IVA try the IVAs 1 Minute Debt Test which will show you your options.

IVA tips to know before you apply:

•    Do sufficient research. Get as much information as you can about IVAs and weigh out your options. You need to be able to grasp the concept of an IVA proposal before you sign on the dotted line.
•    An IVA is a complex procedure, so speak to a professional who will offer their expert advice.
•    Familiarise yourself with other debt solutions before making a decision.  There are other options out there, so speak to your financial advisor on the best financial solution. If you are declared insolvent but risk losing your job due to bankruptcy, an IVA may be the best alternative for you. Your financial advisor will be able to help you in this regard.

The first thing to do when applying for an IVA is to see whether you qualify for an IVA, and our professional IVA advisors are here to do just that! Please call IVAs today on 0800 048 1768 so we can take details of your finances and help you to begin your debt free future.