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IVA Squirrel - Debt and IVA Advice from an IVA Expert
 
  What is the IVA process like?
  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.






 
 
     

 

 
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IVA advatages Write off up to 75% of debt
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Find out if you can do an IVA:
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  No. of Creditors (Companies you owe money to) £
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This wizard will tell you whether the IVA is the right solution for you, what the monthly repayments would be and how much of your debt an IVA would write off. If an IVA isn't the right solution then the wizard will recommend 1 of 3 other possible options.
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IVA help ForumThe IVA Forum: Top 30 Hot Topics
 
Active Topics on IVA Forum | IVA.co.uk
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