If you have decided to apply for an Individual Voluntary Arrangement (IVA) our application service is ideal for you. First of all we will ensure that you fully understand the implications of starting an Individual Voluntary Arrangement and that it is the right debt solution for you.
Then we will provide you with help and support throughout your application including assisting you with your Statement of Affairs and introducing you to the appropriate Insolvency Practitioner.
The features of our service are designed to make your application run as smoothly as possible.
1 – Analysis of your Financial Situation and the different Debt Solutions
We review your financial situation including your Income, Living Expenses, Major Assets and Creditors. We estimate your disposable income and review each of the debt solutions available to you discussing their merits and drawbacks.
If you want to apply for an Individual Voluntary Arrangement we will ask you to confirm your financial details, sign our Letter of Engagement and agree to our IVA Service Terms & Conditions.
2 – Draft your IVA Proposal Document
Note: Neither Bankruptcy Expert or its owner Wilmott Turner Financial Services employs and in house Insolvency Practitioner (IP). We will introduce you to one of our preferred IP’s who will manage your IVA application from this point.
With your agreement we will forward your details to our preferred IP. After speaking to you on the telephone they will send you a copy of their terms of engagement to sign and ask you to provide documentation to support your financial details. Once these are returned if the IP still considers it appropriate they will produce a draft IVA proposal on your behalf. You will be asked to sign this proposal and return it.
Note: Insolvency Practitioners do not have to be regulated by the Financial Conduct Authority (although they may be so). They are regulated by the relevant authorising body such as the Insolvency Practitioner’s Association (IPA). Further details are available on request.
3 – Creditors Meeting
Each of your creditors is sent a copy of your proposal. They will be given time to review it and then a creditor’s meeting is held which is chaired by the IP. At the meeting your creditors may accept your proposal, accept with modifications (which you can then consider) or reject it. Your IVA will be accepted if 75% in value of the creditors who choose to vote agree to it. You will not normally be required to attend the meeting although you can do so if you wish.
4 – IVA payments begin
Once your IVA is accepted the IP will normally be appointed as your Supervisor. The Arrangement will be registered in the Insolvency Register and your payments will begin. The Supervisor will monitor your payments, supervise the disposal of any assets and fulfil any other requirements as agreed in the Arrangement.
5 – The completion of your IVA
Once you have met all the requirements of your IVA including making all necessary monthly payments and releasing equity from your property where appropriate it will come to an end. Any outstanding amounts of all included debts will be written off. You will be issued with a Certificate of Due Completion and your name will be taken off the Insolvency Register.
Do you want help to start an IVA? Give us a call on 0800 044 3194 or complete the form below to speak to one of our experts
Wilmott Turner Fees
Neither Bankruptcy Expert or its parent company Wilmott Turner Financial Services will charge you for any of the advice we provide or for any work we undertake in assisting you in producing your Statement of Affairs or the drafting of your IVA proposal.
Insolvency Practitioner Fees
Once your IVA is accepted the Insolvency Practitioner will then charge fees. However you do not have to pay these directly. They are taken from the agreed payments that you make into your Individual Voluntary Arrangement. A description of these fees is given below.
Insolvency Practitioner Nominee Fee
The Insolvency Practitioner who presents your IVA proposal to your creditors is called the your Nominee. The work of the Nominee includes:
– An initial meeting (normally on the telephone but could be face to face) to fully understand the details of your income, expenditure, assets and income
– Gathering supporting documentation and preparing your Individual Voluntary Arrangement proposal document
– Liaising with your creditors if necessary
– Convening the meeting of your creditors, chairing the meeting and again liaising with creditors on any queries or modifications they request
The Nominee Fee charged for this work is normally £1000 although this could be more in certain circumstances.
Note: Once your Individual Voluntary Arrangement is accepted the Insolvency Practitioner will pay Wilmott Turner an amount equivalent to 75% of the agreed Nominee Fee (£750) for our assistance with drafting your IVA proposal. This cost is paid by the Insolvency Practitioner and is not an additional cost to you.
Insolvency Practitioner Supervisor Fees
The Insolvency Practitioner who manages your Individual Voluntary Arrangement for its duration is called your Supervisor. The work of the Supervisor includes:
– Monitoring the contributions you make into your Individual Voluntary Arrangement
– Making payments to your creditors as required (monthly, quarterly or annually)
– Generally monitoring the progress of your IVA in accordance with the proposals
– Carrying out an annual review of your case (or at intervals required by your creditors)
– Working with you to manage any changes in your financial circumstances
The Supervisor Fees charged for this work are normally based on 15% of the amount that you pay into your IVA after the Nominee fee and initial costs have been deducted.
Please click on the link below for additional information about our IVA Application Service including:
– Key advice about the IVA Solution (Information you must read before applying for an IVA)
– How long our service will last
– Your right to Cancel
– Your right to Complain