Anyone considering an IVA must be aware that an IVA, just like bankruptcy is not something to be taken lightly. It is a fairly drawn out process, and can take up to 6-8 weeks to complete from first contact. It is not simply an issue of applying, paying off a percentage of your debts and walking away at the end of the five-year period.

Significant commitments are required by the debtor in order to qualify for an IVA. Often reductions in household bills are required, as well as leisure and travel expenses. Individuals are often reluctant to make reductions in such areas, however, if the only alternative to bankruptcy is an IVA, and the individual is not prepared to take that option, then they must be prepared to make some cutbacks.

Most individuals that we advise want to avoid defaulting on their debts and want to contribute as much as possible back to their creditors. They acknowledge the fact that they have borrowed large amounts from various creditors and should pay them back. In turn, most creditors will accept the IVA application, as they realise that if they do not, they risk losing even more if the debtor does apply for bankruptcy as an alternative.

During the IVA application process, should you struggle to provide copies of the required documents, such as your last three bank statements, or details of certain creditor information, we can help you to find sources of copies, or how to find lost creditor details. We will also advise as to the best possible solution and nominee for your case.