1. There will be an initial free consultation to determine whether an IVA would be appropriate for you. If appropriate you'll be advised on the process and how you may benefit. If not appropriate you'll be advised of the other options available to you.

2. If you decide to proceed with an IVA, the first stage is the preparation of the draft proposal to your creditors.

You must disclose all of your assets and liabilities to your Insolvency Practitioner. They will act as nominee and in effect will prepare the proposal based on information you provide. 

The proposal will contain details of your current financial situation and put forward a monthly debt repayment amount to your creditors. The amount will be what you can realistically afford after living expenses are deducted from your income.

Although the draft proposal is prepared by your Insolvency Practitioner, you are responsible for its contents so will need to check everything is correct and suggest changes you feel necessary.

3. If your creditors have started to take legal action against you, it may be necessary to get an Interim Order from the court which protects your property and assets.

4. The proposal is finalised and sent to court together with a nominee's report which is the Insolvency Practitioners objective comments on your IVA.

5. Your creditors are sent a copy of the proposal and nominee's report together with a voting proxy form and details of a meeting to consider the proposal.

6. The meeting of creditors is held to vote on your proposal. 

Generally, if over 75% by value of your creditors who are represented at the meeting (in person or by proxy) vote in favour, the IVA will be implemented. Creditors may suggest changes to the proposal, but they cannot impose them on you – you can decide whether or not to accept them.

You need to be available on the day of the meeting to discuss any concerns creditors may have. 

7. If the proposal is accepted by your creditors, a standing order will be set up for your monthly payment. Failure to obtain creditors approval is rare and creditors are usually willing to negotiate.

8. You continue to make monthly payments for the duration of the agreement. At the end of the period any outstanding debt is written off and your become debt free.