Call 0800 019 8383 and one of our advisors will talk through your finances with you to work out what you can realistically afford to pay back each month.
AGREE AN AMOUNT
Based on the information you provide, we’ll agree a repayment amount with you. A member of our IVA team will work with you throughout, supervised by an Insolvency Practitioner. A proposal will be drafted on your behalf for you to check and agree to and then once you’re happy, we’ll contact your creditors.
YOUR CREDITORS RECEIVE A COPY
Your creditors will receive your proposal and a report from the Insolvency Practitioner (IP) recommending the proposal. The creditors will vote on whether to accept the proposal (usually takes up to 3 weeks). The IVA will be approved if 75% or more of the voting creditors (by debt value) vote in favour of the IVA.
YOUR IVA IS APPROVED
Once the IVA is approved you will receive a copy of the report confirming this, including details of any modifications which you may have agreed to. We will then arrange with you to start your new repayments.
WE'LL KEEP IN TOUCH
We will keep in touch with you over the next five years to check everything is going well. Please make sure you keep us up to date if your financial circumstances change, especially if your repayments could be affected. If you are prevented from complying with your IVA by circumstances outside of your control, we may be able to reach an acceptable agreement with your creditors.
YOU MAY NEED TO SEEK A RE-MORTGAGE
Homeowners may be required to seek a re-mortgage in the 5th year of the IVA to release equity available for the benefit of creditors. This will be subject to strict criteria that ensures releasing equity does not result in an adverse affect on your circumstances beyond the completion of the IVA. The first 15% of any available equity is automatically excluded and you will only be requested to seek a remortgage if you have £5,000 over and above this.