The IVA process starts with you finding an Insolvency Practitioner. These are employed by various organisations including accountants and lawyers. We can tell you who to contact to about the possibility of how to arrange an IVA. Together you’ll work on a payment proposal for your creditors based on your income, expenses and debt. Providing creditors representing 75% of your total debt agree, your proposal should be approved.

The IVA Process: After Approval

Your Insolvency Practitioner now deals with your creditors for you, and you will be making smaller, monthly repayments.

By making your lower monthly payments during your IVA process, you can look forward to clearing your debt, usually within 5 years. After completion, your records will be updated and you will be debt free. 12 months after your IVA is completed the IVA will be removed from your credit record.

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