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    to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order

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    What is an IVA? IVA stands for Individual Voluntary Agreement. It is a formal agreement with your creditors which allows you to pay back just a percentage of your debt. With an IVA as much as 75% of your debt can be written off. IVA was introduced as a part of the Insolvency Act of 1986 and necessitates a debt of at least ?15,000 owed to three or more creditors. You only have to deal with one affordable monthly payment or in some cases a lump sum. Since an IVA is legally binding your creditors cannot change the IVA terms and conditions once they have agreed to it. Also they cannot threaten any legal action against you as long as you maintain your monthly repayments. An Insolvency Practitioner helps to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order i

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    ebt. With an IVA as much as 75% of your debt can be written off. IVA was introduced as a part of the Insolvency Act of 1986 and necessitates a debt of at least ?15,000 owed to three or more creditors. You only have to deal with one affordable monthly payment or in some cases a lump sum. Since an IVA is legally binding your creditors cannot change the IVA terms and conditions once they have agreed to it. Also they cannot threaten any legal action against you as long as you maintain your monthly repayments. An Insolvency Practitioner helps to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order

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    or more creditors. You only have to deal with one affordable monthly payment or in some cases a lump sum. Since an IVA is legally binding your creditors cannot change the IVA terms and conditions once they have agreed to it. Also they cannot threaten any legal action against you as long as you maintain your monthly repayments. An Insolvency Practitioner helps to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order

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    and conditions once they have agreed to it. Also they cannot threaten any legal action against you as long as you maintain your monthly repayments. An Insolvency Practitioner helps to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order

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    to formulate your IVA.

    The IVA Process:

    •Your appointed Insolvency Practitioner (IP) will prepare an IVA proposal

    •IP will file an Interim Order in the Court to prevent any legal action against you

    •Your creditors will meet to accept/reject the IVA proposal

    •If 75% of the creditors vote in favor of the terms, then the IVA comes into being

    Why should you choose an IVA over Bankruptcy?

    •No negative publicity/stigma/restrictions to deal with

    •IVA does not affect your professional status

    •You can operate a bank account (it should not have an overdraft facility)

    •No fees or legal proceedings

    •You don’t lose your home/property

    The IVA Advantage:

    •Up to 75% of your debt is written off

    •Overall debt is reduced

    •Fixed/Legally binding agreement

    •Deal with on

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