The IVA Process: keeping your Insolvency Practitioner up to date.
If you have started an IVA, or are considering one after seeking debt advice, you're probably familiar with the role of an Insolvency Practitioner.
Your Insolvency Practitioner isn’t just the person that’s going to help you get an Individual Voluntary Arrangement (IVA), they are going to help make sure you get through an IVA.
Your contact won’t finish once the proposal for your IVA is approved, but continue through the process. So when will you need to contact them?
During your IVA
During your Individual Voluntary Arrangement (IVA), you need to keep in contact with your Insolvency Practitioner. There may be a month you think you may fall short of a payment, or your financial situation may suddenly change. If this happens you need to contact your Insolvency Practitioner as soon as possible. If you have difficulty paying and do not contact your Insolvency Practitioner, it could lead to a failed IVA.
After your IVA
Once you have completed an IVA, you will need to finalise everything and make sure your records have been updated to show an IVA has been successfully completed and your creditors have signed you off.
As with any debt solution, it is important you seek debt advice first. Contact the Debt Advice Trust for more information and advice on IVAs and debt.
