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| The IVA process
It will all begin with a simple free phone call (or filling in a quick online form) to Solution Remortgages on 0800 520 0315, and from there we will be able to help you begin your debt free future.
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What is the Time Frame of Setting Up an IVA?
The time frame detailed below is the average number of days taken to process your paperwork
Day
1 | You make initial contact with us
One of our expert advisors will determine whether an IVA is the best option for you.
We send our "Fact Finder" pack to you. | Day
7 | You send signed "Fact Finder" pack back to us incorporating supporting documentation. | Day
10 | We draft your IVA proposal based on your unique information, and issue it to you. | Day
15 | You sign the IVA proposal and send it back to us. We organise meetings with your creditors and any administration tasks until… | Day
36 | …your IVA proposal has been agreed, and you can begin to make payments so you are on the road to clearing your debt. | Month
60 | Congratulations!
You are now FREE FROM DEBT |
Your IVA proposal will be submitted to your creditors who will hold a meeting to vote on accepting or rejecting your proposal. Normally, your Insolvency Practitioner will represent you, acting as Chairman, to propose your IVA. There is no guarantee of success, but Insolvency Practitioners would not propose an IVA that isn’t likely to be accepted.
Of those creditors who vote, if 75% (in terms of debt value) accept the proposal your IVA is approved.
All your unsecured creditors are bound by the IVA, whether they voted against or didn’t vote at all.
For those that qualify, an IVA can be the best way to sort out serious debt problems.
If
you want to hear more about how an IVA can work for you, or whether
you would be suitable for an IVA, simply call our expert advisors on 0800 520 0315
quote ref 1533, or fill in the
Mortgage Wizard to see what other solutions are available to you. |
