Individual Voluntary Arrangement
The first thing to do when considering an Individual Voluntary Arrangement is to have a meeting with an Insolvency Practitioner. This meeting can either be face to face or over the telephone.
The meeting is to determine whether or not an IVA is a suitable option for resolving financial difficulties and to advice of what other options may be available.
If an IVA is the best solution, then the next step is for the Insolvency practitioner to gather information about the debtor’s financial details. This includes priority household payments, information about any assets the client may have and all creditor information such as creditor names and account numbers.
The Insolvency practitioner is under obligation to verify all information given by the client, therefore the IP will gather proof to support that the details are correct.
Once the information is verified, the IP will then begin to draft the proposals. The proposals are to be fair to the creditor and debtor alike. The idea is to show the maximum amount the debtor can afford to pay and to show the creditor this information in order to get...
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