There are various stages involved in an IVA (Individual Voluntary Arrangement). These stages will begin once you have decided together with someone who can give you expert advice that it is the best debt solution for you.

Before an IVA

The first stage will be the preparation of your IVA proposal. You will be working closely with your Insolvency Practitioner to come up with a workable proposal to get you out of debt. This stage can take around 4-6 weeks.

Creditors Meeting

In the next IVA stage, once your proposal has been prepared, your creditors meeting will be arranged. The purpose is to get agreement of your proposal and the 'meeting' is usually conducted over the telephone. This stage, or rather getting a final agreement, can take a few weeks as creditors may suggest changes to the proposal during this time.

During IVA

If your proposal is approved you will then begin your Individual Voluntary Arrangement and start paying your debt. During this stage you will typically be making one monthly payment for around 60 months. The IVA Zone has more advice on lifestyle during an IVA.

After IVA

The final IVA stage is when your records are updated to show you completed your IVA successfully. At this stage you will no longer be in debt. You will and have documentation of your completion and be able think about repairing your credit rating.

We have advice and tips on remaining debt free after an IVA in our Blog, where you can read the latest insights and comments on IVAs and other debt solutions.