How does an IVA work?

We will draft your IVA proposals from the financial information you provide to us.

The IVA proposal is a formal legal contract between you and your creditors.  It contains details of:

• Your personal financial circumstances and how your debts have arisen
• A list of your assets (if you have any)
• A list of your creditors and the amounts they are owed
• Your proposal to creditors for repaying all or part of their debts

Your creditors will decide whether to vote in favour of your proposals at a meeting.  If they do, it is usually because the outcome for them is preferable to bankruptcy.

Once the IVA is approved it is legally binding on all creditors and they cannot continue to harass you.

Creditors must submit their claims to the insolvency practitioner dealing with your case who will also be responsible for collecting in and realising the assets included in the arrangement and making distributions to creditors.

Your debts are written off when the IVA is completed

Getting in touch with an insolvency expert for free debt advice is as easy as picking up the phone.  Call the Leeds Debt Advice Helpline on free phone 0800 169 1536