am I able to arrange a IVA myself ?

[ross]

am I able to arrange a IVA myself ?


RHG

[iva_squirrel]

Hello Ross,

Welcome to the forum.

You can not arrange an IVA yourself. To be nominated for an IVA (which is regulated by the Insolvency Act 1986) you will need the services of a licensed Insolvency Practitioner (IP). The IP will also supervise and review your IVA throughout the duration of the Arrangement.


Kind regards,


Julia

For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[Mr Loadsofbills]

I can confirm that you will need the services of an IP for an iva.

Stay away from IPs that want money up front as IVA acceptance is very hit or miss in the current climate.
You're better off choosing an IP who is a member of the group known as R3.

Don't be surprised if some of your creditors want 40p in the pound and don't take on a unrealistic iva. Sometimes bankruptcy is the better option.

Eat the debt. My raison d'etre is to put TIX 'the isolvency exchange' out of business by informing anyone who will listen to take a bankruptcy over an unrealistic IVA proposal.

[DebtDummy]

I agree with Julia. You can't propose an IVA yourself with your creditors. You need a licensed insolvency practitioner.

Good luck.

All I have left is my humour.

[MelanieGiles]

Mr Loadsofbills

I share your concerns about the voting policies of The Insolvency Exchange, in that they operate a very harsh and rigid formula, however in the few weeks I and my staff have been dealing with them I have found that they are always prepared to talk about a compromise.

Whilst it is very important not to take on commitments you cannot afford, please all of you that are in the process of proposing IVA's ensure that your IP is continuing to negotiate on your behalf and not just sitting there doing nothing.

And at the end of the day, there is no harm in you picking up the phone to the creditors and stating your case. If more people did this, my feeling is that this voting company would realise that they are putting people into unrealistic proposals which are very likely to fail in their first year. As they are accountable to their clients HSBC and HBoS, this is bound to be of concern to them, because people like me will make it absolutely clear at the end of the day why cases have failed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk