IVA Prosess and Conditions
IVA or Individual Voluntary Arrangements is definitely the perfect option for you. It is a formal arrangement through the court, set up by a Licensed Insolvency Practitioner and is projected to be a alternate to bankruptcy. It is a legal and government approved method of resolving arrears that shun the consequences of bankruptcy.
The IVA process initialises with a conference of the member of the IVA team which will make a budget sheet of the debtor and make assessment of the debts and payments.
Given below are the major stop gaps in the entire IVA process
- The team will bring forward the best possible IVA for the debtor. They will also decide on the monthly payments that have to be paid by the debtor.
- All bank descriptions with account numbers and total amount for the debt needed to be brought together.
- The background of the debt incurred by the client will be provided to the creditors.
- All salary slips and identity cards that are help in the debtor’s name are collected.
- The IVA document will be posted out to all creditors with the proposed details under the IVA Plan.
- About 2-3 weeks later, an IVA creditors meeting will be set up where the creditors’ decisions are made clear.
- Now, all you have to do is pay a monthly installment, the repayment for which will be affordable and according to the repayment ability of the debtor. Payment on time takes you forward to a debt free life promising a safer and financially a more secure future.

