question category: IVA

How long does it take to set up an IVA and what happens with the people I owe money to?
Submitted on: 29th Nov 2010 by Non-Member | Total Answers: 7

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Re: How long does it take to set up an IVA and what happens ...

The length of time it can take to set up an IVA will really depend on the complexity of the individual case and no fixed time is set, although creditors are entitled to take a couple of weeks to view the proposal and decide how to vote. Typically an IVA takes about 6 weeks from the initial conversation with the IVA adviser to the Meeting of Creditors. So they can be fully aware of the situation within a very short period of time.

Initially there will be lots of information gathering and discussion required to enable the proposal to be drafted. The quicker the information is provided then the shorter the time is to the proposal being presented to creditors.

An Insolvency Practitioner (IP) will act as Nominee (they will prepare the proposal), will act as Chairman (for the meeting of creditors) and will act as Supervisor for the term of the IVA. They will communicate with creditors throughout the term of the IVA, there is no further need for the individual to contact, or make payment, to their creditors directly. Creditors will be informed of what they will be likely to receive, when they will receive it at the time they are asked to agree to the terms of the IVA proposal.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you on whether you qualify. Click here to find out more.

Submitted on: 2nd Dec 2010 by Martyn Expert

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Re: How long does it take to set up an IVA and what happens ...

An IVA is an individual contract based on individual circumstances, therefore it is difficult to specify an exact timeframe, but you should allow for at least six weeks. The process involves negotiating with your creditors, on how much they will be willing to accept from you over the lifetime of the IVA, in order to consider your debts cleared in full. All you need is 75% of creditors, by debt value not number, to agree to your proposal and all creditors will be bound by the agreement. Any IVA provider should be able to give you more specific information on their process and timescales.

Submitted on: 2nd Dec 2010 by TA Member

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Re: How long does it take to set up an IVA and what happens ...

One of the chairites we know to be good are the Debt Advice Foundation who give free advice and are experts in all aspects of IVA related issues.

Submitted on: 6th Dec 2010 by TA Member

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