| |
If you are keen to go into an IVA, first you
would need to contact a professional debt
advisor, such as those at Thomas Charles & Co
Ltd, who will give you specific, personal
advice. They will then lead you through the
following steps:
1. Over the telephone, you and your debt advisor
will go through a document called a ‘Statement
Of Affairs’ (SOA). This is a detailed appraisal
of your financial circumstances, and it may take
about an hour to complete.
2. After the meeting, you would decide to commit
to the IVA. Then you would stop paying your
creditors immediately and advise them to deal
with Thomas Charles & Co directly. If you are
banking with one of your creditors, you may need
to open a fresh bank account.
3. A hard copy of your SOA will be posted out
for you to sign off and return. You will also
need to send us your credit card statements,
loan agreements, bank statements, wage slips, an
evaluation of your home and a photocopy of your
passport. You will also mark the beginning of
our contract by making the first payment of your
62-month payment plan.
4. Once the Thomas Charles & Co office has
received your paperwork, we will compile it into
a dossier and pass it over to an Insolvency
Practitioner (IP) based near you. The IP will
then arrange a face-to-face meeting with you in
order to finalise your IVA proposal.
5. The IP will put your proposal forward to your
creditors, who will be given 2 weeks to respond.
After two weeks, there will be a creditor’s
meeting, chaired by the IP, to which you will be
asked to attend. The creditors, however, do not
usually turn up – they tend to vote by proxy
instead. At this time you will find out whether
your IVA has been accepted, accepted with
modifications or rejected. As mentioned above,
Thomas Charles & Co Ltd has a 99% success rate
of IVA proposals, so chances are your IVA will
be accepted. However, if the creditors demand
modifications to your proposal, your IP will
work with you to negotiate a win-win settlement.
And in the unlikely event that your IVA is
rejected, Thomas Charles & Co Ltd will refund
your money to you in full.
6. Once your IVA is agreed, all you need to do
is maintain the payments and keep the IP
informed if any of your circumstances change.
When the IVA is over, you can turn over a new
leaf with your debts safely behind you.
|
|
| |
|
|
|
IVA and Debt
Guide
