How long does an IVA take to set up?

[ian_ngfl]

How long does an IVA take to set up?
Could you end up with CCJs etc. during the setup process?

[aguise]

Hi there
Our Iva took about seven weeks from the first phonecall to the day of the creditors meeting and accepted. Some may take a bit longer if property is involved. Some of it will depend on how quickly you get your info back to your company we spent a day getting it all ready, final balances etc, but I think on average it is about six to ten weeks. CCJs etc take quite a while and if you are in the process your company will deal with any problems . There will be loads of phonecalls from creditors trying their best to get some form of payment but just give them the info they need ref no etc and refer them to your ip, dont pay them if you have been told not to as this can be seen as giving preference to one over another. Make sure you get a reputable company and ask all the questions you can think of. Try a few companys, dont pay any upfront fees unless you know they will give them back if unsuccessful.

Hope this helps
Ang

[jamesfalla]

Hi Ian

Ang is right, it takes on average 8 weeks to get an IVA accepted at creditor meeting. The fastest I have seen it done is 4 weeks. The speed largely depends on how quickly you can get the necessary paperwork together. For example, if you are a homeowner, you will need to get a written valuation of the property from a local estate agent which could take a week or so. As such, it is vital you get all your paperwork to your IP asap.

Do not worry about CCJs. Even if one of your creditors manages to take one out against you, once your IVA is in place, any CCJs you have will be overturned (even if you are paying an attachment of earnings order). All you will have to worry about are your IVA payments.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk

[olympic_torch]

don't wish to be a harbinger of doom.
my initial contact was early december 2006.
still waiting.

[MelanieGiles]

Hi Ian

That is a difficult question to answer. I have turned around IVA's in 24 hours, and my longest one took over a year to put together. Very good reasons in both cases, and as an IVA is a very tailored solution for you and your creditors, it cannot be processed with a factory mentality.

I generally quote my clients 4-6 weeks from date of initial meeting, but this is often extended for very good reasons, and it is better to get the thing right and thus guarantee success, than put it forward when only half of the information has been verified.

Make sure you choose an IP who will give you regular progress updates if you are concerned about timescale.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[neverending]

Hi ian
You say that your initial contact was early December last year,can you tell us what corrospondence you have had since then with your IP ??

[olympic_torch]

hi neverending.
it was me, not ian, that posted regarding contact in
early december 2006.
since the initial contact, i have received, signed
and returned the authority to act.
i have had nothing from my ip ever since. the only contact has been me chasing them by phone, until
yesterday when i rang, i was told my draft proposal was in the post.

[neverending]

Hi Olympic [sorry about the confusion]
You need to chase your IP if that "sent" proposal is not with you by Monday.
Are you paying money to your IP at the moment ?

[olympic_torch]

not at the moment no.