www.iva.co.uk

does it take long to get an agreement set up?

Depending on how complex your case is and who you go with, the norm would be 6 - 8 weeks

mine took 6 weeks from making the decision, getting the proposal together and then the creditors meeting.

Good evening Larsam,


Each IVA can take up to 6-8 weeks from start to finish. The time it takes will depend on how quickly you can provide the required information.

Over 75% in value of the voting creditors are required to vote in favour of the IVA proposal for it to be accepted and put in place.
You need to get a Property Valuation and Annual Mortgage Statement if you are a homeowner. You also need to put the following documents together;
Hire Purchase (HP) Agreements (car/computer finance, etc), Salary/Wage Payment Slips for past three months for you and spouse, Creditor Statements or Letters. These must show the amount owed to creditors and the account reference number ,Any legal letters from creditors solicitors and Personal financial history and reasons for financial difficulties from redundancy or illness to increased bank charges or other reasons.

Kind regards,


Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

I started in Sept. with 1 company, but my hubby and I were not happy with him. The second company we contacted in Nov., much better, just extremely busy. The draft proposal arrived 12 Jan 2007. We were warned due to the heavy backlog the whole process will take 2-3 months.

Good luck!

Hi again

It usually depends on how quickly you can get all of the information required by the IP together. In my practice we always write to our clients with a "shopping list" of information, and so long as that is all returned quickly there should be no reason why the arrangement cannot be set up within 6 weeks.

You do have to bear with us at the moment though - no excuses but IP's specialising in IVAs are extremely busy. Keep phoning your IP for a progress report though in the meantime.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk