What is the IVA Procedure?
If you think that an IVA might be right for you then you should get in touch straight away for your free consultation.
At DebtChampion we are Licensed Insolvency Practitioners, experienced in advising you on the most suitable way of dealing with your debts. We are here to assist you in becoming debt free and get you on the right track to becoming financially capable.
So that we can provide you with the best advice and recommend the right solution for you, we need to know a little bit about you and your personal financial position.
We completely understand that you will be going through a tough time – which is probably the reason why you are reading this now!! That’s why we have tried to make your experience and relationship with us as easy and as straightforward as possible right from the start.
Simply enter your contact details and amount of debt which you owe in our Save Me request form, this will allow us to give you best advice, by phone at a convenient time for you.
Alternatively, you can give us a call on 0808 164 3750 (Freephone) and we will be happy to have a chat with you.
When you speak with one of our DebtChampion advisers you will be made aware of all the do’s and don’ts, maybes and what if’s. It is our job to make sure you are advised of the best solution for dealing with your debts, whether or not it is a product which we can offer.
Proposing an IVA
Following your free consultation, if an IVA is the right option for you, we will put a Proposal together based on the information you have provided and what we will have discussed on the phone.
Once you are happy with the Proposal we will send it to all of your creditors who then have the option of whether or not they agree to it or would like to modify in some way. Creditors will be given a minimum of 14 clear days’ notice to make their decision.
If 75% of your unsecured creditors are in agreement with the terms of the Proposal (and so long as at least 50% of those voting are not associated with you, e.g. cannot be a family member), then your Proposal is approved and all of your creditors are bound by its terms – this means that they can no longer chase you for the amount owing, ask you for additional payments or charge interest on the debt.
Once you are twelve months into your IVA (and annually thereafter), we will get in touch with you so that we can review your income and expenditure and make sure that you can continue to afford the monthly payments.
We will also prepare and make available to you and your creditors an Annual Report which details what has happened in the past twelve months and whether everything is going as planned in the original Proposal.
Final Procedures – Success
When you have done everything which you agreed to do in your Proposal and made your final payment, we will prepare a Final Report on your IVA and issue you with a Certificate evidencing your compliance with the terms of your IVA – this being your proof that your IVA has completed and you have been discharged from your IVA debts.
Final Procedures – Failure
If for whatever reason throughout the duration of your IVA you are unable to adhere to the terms of your Proposal and you breach its terms, if the breach cannot be rectified, then we will have to fail your IVA. In these circumstances we still may be able to assist you however upon failure, your creditors who were bound by the IVA will now be free to recommence chasing you for the amounts owed. In certain circumstances this may result in Bankruptcy proceedings.