Individual Voluntary Arrangements - Choosing Your Supervisor

When debts have gotten beyond your control, you usually have two options: Bankruptcy, or an individual voluntary arrangement (IVA). An IVA is an agreement that is made between you and your creditors that allows you to make affordable payments on your debts. In order to execute and IVA, it is necessary to enlist the services of a licensed insolvency practitioner that will act as a supervisor for your IVA. The supervisor’s job is to create a proposal for the IVA and present it to the creditors, to reach an agreement that is fair for all parties involved. The supervisor communicates with the creditors for you, preventing them from harassing you for payments.

Where do you find a supervisor? For convenience, you should look for an insolvency practitioner that is located in your area, because you may be visiting them frequently over the duration of your IVA. Consult your local telephone directory under ‘bankruptcy’ or ‘insolvency’. You can also find insolvency practitioners on the Internet – there are many reputable companies online that will do a fine job for you. Again, try to find one that is located in your area because you may need to visit them at their offices to sign paperwork and make payments. Most insolvency practitioners will arrange creditors’ meetings at a location that is near their offices for the sake of convenience. You aren’t required to attend the meeting of your creditors, and most of the time creditors don’t bother to attend either.

For the duration of your IVA, you will most likely develop a close working relationship with your supervisors. You will be disclosing to them the details of your life and they will be there to help you and offer you advice during this difficult period of your life