How to Start an IVA
- See also:
- IVA Advice
- IVA Costs
- IVA Approval Process
- IVA Criteria
- IVA FAQs
- Bankruptcy or IVA
- How an IVA works
- Scottish Trust Deeds
- authorised debt settlement
- comparison matrix
- apply online
An IVA is relatively simple and straightforward to set up. In the section below, we've outlined the different steps that you need to take to start an IVA.
If you have any questions about setting up an IVA then please contact our independent IVA advice team by:
- Calling us on free phone 0800 138 5445
- Emailing us at info@clearstart.org
This IVA advice service is free of charge and impartial
If you would like to apply for an IVA from this site then please click below to complete an online IVA application form:
Click here complete an online IVA application form
How to Start an IVA
The thing you have to do to start an IVA is to find an insolvency practitioner to act on your behalf.
The insolvency practitioner will prepare an IVA proposal document containing details such as:
- Your personal circumstances
- Your financial situation; and
- How you propose to repay your debt.
When the IVA proposal has been finalised and approved by you, the insolvency practitioner files an Interim Order with the court. Once the Interim Order has been filed, your creditors are not allowed to issue bankruptcy proceedings against you until they have decided whether to accept or reject your IVA.
The insolvency practitioner circulates a Nominee's Report which gives a professional opinion about the IVA being proposed and whether a creditors' meeting should be called. This report is circulated amongst the debtors and creditors.
The creditors hold a meeting to discuss the IVA. They vote on whether or not to accept the IVA proposal in its present form or with modifications. A vote of 75% in favour is needed to accept the IVA. The decision to accept the IVA legally binding on all the creditors.
The supervisor appointed by the creditors at their meeting administers the IVA and ensures that the creditors get paid according to the agreed terms.
To contact an advisor call 0800 138 5445. Alternatively complete an online enquiry form and an advisor will call you back at the time that you specify.