What Steps do I need to take if I wish to apply to an IVA?

If you wish to apply for an IVA there are several factors that you must take into account. It is imperative that you own your home. IVA’s are normally done through paying creditors off with the equity that you have on your home. Your amount of unsecured debt should be more then £20,000 and you must be paying at least £300 or more to creditors every month.

If all these factors apply to you, then filing an IVA is definitely the right move to make. The steps to applying for an IVA are incredibly simple.

The firs thing you need to do is gather any pertinent paperwork together that pertains to your outstanding debt. This will give an IVA specialist a general idea of how much unsecured debt you have. The specialist needs to be able to analyze how serious your case is in a means to help you find the right solution to your ailment.

Before there is any proposal taken to your creditors you will be asked to sign a “Statement of truth”. This statement is something that we implore you to read over. It states what you are asking the IVA specialist to do, and what you’re agreeing to do on your behalf.

An IVA specialist will then arrange a meeting with your creditors; you do not need to be present. The meeting normally takes about 15-20 minutes. Negotiations for how much you can afford to pay every month are being negotiated for you, by your representative.

So, it is imperative that you include all debts that you have. And be completely truthful with your specialist they are here to help you. At the end of the meeting you must be available on the phone line. You will be told the overall decision and begin making your arrangements at this point.