Hi, currently it's February 2022 and I'm wondering what sort of timeframe it takes for an IVA to be in force from start to finish as stepchange have mention a a week and a half? Surely this cannot be correct, I made contact with them on Monday and have since completed all tasks and uploaded all bank statements, mortgage statements, council tax bill, v5 etc.. by friday. I think they now have everything, whats the next stage? Thanks in advance.
They will give you a date for your creditors meeting which is usually just a few weeks. They obviously have to contact all of your creditors to let them know you are going for an IVA and then wait for the votes to come in.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It usually takes two to three months from enquiry to IVA in place. First they need to gather your paperwork and do an income and expenditure review. They will also need evidence of your debts and creditors. Then, from that, they need to prepare the proposal, send it to you for checking and your agreement to proceed. Once you have agreed to proceed they then need to send copies to all creditors and give them a few weeks notice of the creditors meeting.
Do not be rushed into doing anything until you are sure and happy ---- saving a week here could cost you dear over the next 5 or 6 years !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
