IVA Application: Nine Easy Stages
People are curious at to the length of time an IVA (Individual Voluntary Arrangement) will take to set up, so detailed below is step by step information on how an IVA is arranged.
This schedule has been set out in accordance with the guidelines administered by the Court and Insolvency Act 1986. It will fluctuate according to each individual’s response time in completing and returning forms or requested information.
A typical time span could look something like this:
Day 1: Your case will be received by your debt management company.
Day 2: A receipt of acceptance will be sent out to you.
Day 7: You may be asked to supply any additional information regarding your IVA proposal.
Day 14: A draft agreement will be sent out for your perusal.
Day 16: You will need to apply to the court for an interim order which will protect you from any further legal action from creditors whilst the IVA is being arranged. This will protect you right up to the creditors meeting.
Day 18: Your interim order will be granted.
Day 32: Arrangements will be made for your creditors meeting and a ‘Nominees Report’ will be prepared. A nominees report is a detailed statement written by your Insolvency Practitioner to your creditors and outlines your IVA proposal.
Day 39: The creditors meeting takes place.
Day 60: You will receive notice if your IVA proposal has been accepted.
Before you decide if an IVA is a suitable for your debt, make sure you contact an organisation like the Debt Advice Trust who will give you free, confidential advice.
