There is lots of great information here, but I'm struggling to find if anyone has ever explained the process once you get the nod that an IVA is approved ?
Would anyone care to point me in the right direction, or indeed expand please ?
I'm guessing the first thing is you get a copy of the chairmans report, then is there a standard set of requirements and admin processes ? Is there anything one can do to be ahead of the game ?
I know, I only found out it was ok'd last week, but I'm kind of a "do it now" guy
Any tips and/or advice appreciated.
Last edited by longslog101 on Sun Mar 22, 2015 8:22 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Everything depends upon the terms of your own proposal. You should get a copy of the Chairman's report which will have any amendments agreed detailed therein. After that is is simply a matter of making payment and following whatever terms were agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
From memory I didn't need to do anything. I had confirmation that the IVA was successful and received a copy of the report detailing how the individual creditors voted.
I had to send a cheque to cover the first months payment prior to the IVA being accepted which would have been returned had it failed so effectively as soon as the IVA was succesful I was one month in already. I just made sure the Standing Order was set up and then just let it run.
Just make sure you keep all documents relating to the IVA regardless of how irrelevant you may think they are ... print them if it's an email, just incase, as you never know what you may need in 5 years time.
Make sure you send payslips monthly and declare any overtime if you receive it. I set up a number of folders on the computer to save bills etc that I may need for each years review i.e water, electric, council tax that way it's all there ready for when they ask for it.
still getting some crap letters from the credit card companies...spoke to the IP company and they were not happy bunnies over this, they made a couple of calls and I hope all will go quite now
thanks for all the answers, received my chairman's report yesterday and have sent that back.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy