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EMPLOYEE
I’m
in need of help
How long will the process of setting up an IVA take? I am keen to get my current situation sorted out. I have been very stressed with all the pressure and am desperate to find a solution as soon as possible.
Official
Response
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Each IVA varies depending on the individual circumstance of the client, however the quicker we receive your information, the quicker we will progress your case and move it forward to proposal stage. Usually, within 4 weeks or so of contacting us, your IVA should be in place.
The first stage is to take our ClearDebt Analyser. This takes 2 minutes to complete and will provide you with a quick summation of whether or not an IVA is right for you.
You could also fill in our online IVA application form. This is in no way a commitment from you, but will enable us to gather more detailed information from you regarding income and expenditure, assets and creditors. This process usually takes around 30 minutes to complete – and one of our advisors will help if required. Our team will then analyse your information and send you a findings report within 4 working days.
If you decide to proceed, you will need to send us details of your income, expenditure, and creditors and the amounts owing to them (the pack we send you contains a checklist of what is required). Our advisors are on hand to talk you through the contents of the pack and explain how to complete the information required should you need assistance with this. Once we have analysed all the information, we will start to draft the documents needed in order to propose the IVA. These will then be sent to you to review and to give you the opportunity to make any amendments that you feel are needed. At no stage during this process do you have to commit to an IVA.
Should you then wish to continue with this process and enter into an IVA, we will arrange for you to have a face to face meeting with an Insolvency Practitioner or an experienced member of his/her staff within a locality which is convenient to you OR you can speak to one of our Insolvency Practitioners or Insolvency Manager over the telephone, ensuring you understand fully what the IVA will mean for you and giving you the opportunity to ask any questions or queries prior to signing the IVA documents.
Once your documents have been approved by you and you have signed and confirmed that you are comfortable with the proposed repayment plan, ClearDebt will then send this information to your creditors and your local court. This stage is merely a formality and nothing for you to worry about.
There will then be a period of 14 to 21 days where the IVA proposal will reviewed by your creditors. At the end of this period, a meeting of creditors is held and as long as 75% by value of the creditors that vote agree to your proposal, the IVA will have been deemed passed and your IVA commences. In most cases there are no problems with the proposal submitted. Should there be any requested modifications, we will discuss these with you and more often than not, find a solution with which you are still comfortable .
EMPLOYEE
-
Each IVA varies depending on the individual circumstance of the client, however the quicker we receive your information, the quicker we will progress your case and move it forward to proposal stage. Usually, within 4 weeks or so of contacting us, your IVA should be in place.
The first stage is to take our ClearDebt Analyser. This takes 2 minutes to complete and will provide you with a quick summation of whether or not an IVA is right for you.
You could also fill in our online IVA application form. This is in no way a commitment from you, but will enable us to gather more detailed information from you regarding income and expenditure, assets and creditors. This process usually takes around 30 minutes to complete – and one of our advisors will help if required. Our team will then analyse your information and send you a findings report within 4 working days.
If you decide to proceed, you will need to send us details of your income, expenditure, and creditors and the amounts owing to them (the pack we send you contains a checklist of what is required). Our advisors are on hand to talk you through the contents of the pack and explain how to complete the information required should you need assistance with this. Once we have analysed all the information, we will start to draft the documents needed in order to propose the IVA. These will then be sent to you to review and to give you the opportunity to make any amendments that you feel are needed. At no stage during this process do you have to commit to an IVA.
Should you then wish to continue with this process and enter into an IVA, we will arrange for you to have a face to face meeting with an Insolvency Practitioner or an experienced member of his/her staff within a locality which is convenient to you OR you can speak to one of our Insolvency Practitioners or Insolvency Manager over the telephone, ensuring you understand fully what the IVA will mean for you and giving you the opportunity to ask any questions or queries prior to signing the IVA documents.
Once your documents have been approved by you and you have signed and confirmed that you are comfortable with the proposed repayment plan, ClearDebt will then send this information to your creditors and your local court. This stage is merely a formality and nothing for you to worry about.
There will then be a period of 14 to 21 days where the IVA proposal will reviewed by your creditors. At the end of this period, a meeting of creditors is held and as long as 75% by value of the creditors that vote agree to your proposal, the IVA will have been deemed passed and your IVA commences. In most cases there are no problems with the proposal submitted. Should there be any requested modifications, we will discuss these with you and more often than not, find a solution with which you are still comfortable .
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