The IVA Process
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Based on your financial circumstances (also referred to as your ‘Statement of Means’ or ‘Financial Profile’), X-debt will assess whether an IVA is the right option for you. X-debt are a ‘best advice’ organisation, which means that we’ll will provide a no-cost, unbiased consultation to determine the best solution to your debt problem.
If it is determined that an IVA is the most appropriate route, then you will be referred to an X-debt IVA consultant, who will initiate the IVA process. Although an IVA is a legal process, and as such involves considerable preparation work, X-debt aim to keep any involvement by yourself to an absolute minimum – and we do as much of the paperwork as possible for you. |
The IVA steps: |
- Preparation of your Financial Profile – this process will take around 30 minutes and will be conducted over the phone by your IVA consultant. The IVA consultant will create a profile of your financial affairs in order to create your IVA proposal
- Interim Order – if necessary X-debt will apply to the local court for an Interim Order on your behalf. This will prevent any further action from creditors whilst the proposal for your IVA is prepared. The Interim Order will remain in effect until your IVA proposal is presented to creditors
- Meeting of Creditors – The proposed IVA and Statement of Affairs is presented to your creditors for consideration. Once approved, the IVA will begin and both you and your creditors must comply with the terms of the IVA
- A licensed Insolvency Practitioner will act as your IVA Supervisor and deal with any problems that may arise during the IVA
- From here forward as long as you comply with the agreed IVA you generally will only need to make a single, affordable payment each month, which will be divided amongst your creditors. No further interest will be incurred and at the end of the IVA a portion of the debt will be written off and you will be clear of debt
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