Hello,
The first part of the process is to determine that an IVA is the correct option for you and that you fully understand what an IVA is and the implications of entering into an IVA.
You will be asked to complete a questionnaire that will enable your IP to assess your financial situation and advice you in the best possible way.
This questionnaires can usually be completed on the phone.
Once it is decided that an IVA is the best option for you and you fully understand the implications of entering into an IVA, your IP or the debt advise company will begin to draft your proposal which will be presented to your creditors, having first been reviewed by you and that you are happy with the contents.
Once your proposal is agreed by you, it will be sent to your creditors requesting that they vote on the acceptance or rejection.
Although the IVA process does involve holding a creditors' meeting, these days creditors have seen so many IVAs that they don't actually attend meetings in person, they give their voting instructions by fax just before the meeting, particularly in consumer debt cases.
You won't therefore need to attend the meeting but should be available on the end of a phone on the day of your meeting, as if creditors put forward modifications these will need to be discussed with you before the IVA can be approved.
Once the arrangement has been approved, it is unlikely that there would be any need to attend meetings in person.
Kind regards,
Julia
For more information about IVAs, please visit my website:
www.supersonicsquirrel.net
