How your IVA is set up and maintained

During your IVA application process, you’ll hear the words Insolvency Practitioner frequently.

Here’s a brief explanation of what an Insolvency Practitioner does in setting up and then supervising your IVA once it’s been approved by your creditors.

What’s an Insolvency Practitioners job?

Insolvency Practitioners (I.P.) are qualified professionals specialising in insolvency.
They can provide a wide range of insolvency services from personal bankruptcies to company insolvencies and Individual Voluntary Arrangements (IVAs).

Applying for your IVA

When you make an application for an IVA through a debt solutions provider, you will be assigned an I.P. who will guide you through the process and gather all relevant paperwork from you so they can put together a proposal for your creditors to vote on.

Your I.P. will also examine your income and expenditure and arrive at an affordable monthly repayment amount that you’ll have to pay for the benefit of your creditors, if your IVA goes ahead.

If your IVA proposal is accepted by 75% by value of your creditors then your arrangement can proceed and both you and your creditors will be legally bound by the terms of your IVA.

After your IVA is approved

Your I.P. will now take on a different role and be responsible for supervising your IVA. This means that they will deal with the disposal of any valuable assets such as an expensive vehicle or the equity in your home.

They will also monitor your contributions to make sure you’re paying the agreed amount on time every month. If you fail to do so, they can petition for your bankruptcy on behalf of your creditors.

The I.P. is also responsible for distributing your monthly contributions from your IVA fund to your creditors so that they get the agreed amount as per the original proposal.

Call now on 08000 43 43 47 to discover if an IVA could be the solution to your debt problems or complete our IVA Wizard and see if you qualify for an IVA