Before you can apply for an IVA, you must first analyse your finances. You will need to calculate how much you can pay each month in order to balance affordability with the needs of your creditors. After you have done this, your IP will organise a meeting with your creditors, either in person or online. At this meeting, you must be present to protect your interests and answer their questions. Your IP will then present your proposal to your creditors.

You can apply for an IVA online. Most reputable IVA companies will have websites where you can view the fees and other important information. If you’re applying over the phone, it’s still advisable to meet with a debt adviser to determine if you’re eligible for the IVA. In addition to the fee, the adviser will need to know your personal and financial circumstances. You may have to cut back on certain things in order to qualify for the IVA.

You should be aware that the IVA may not be approved by your creditors if they don’t agree with the proposal. Even if they reject it, they are legally obligated to comply with the terms and conditions of the IVA. After the third year of the scheme, you must explore the option of equity release if your circumstances change. However, a successful application should be signed by at least 75% of your creditors.

To find out more visit IVA4Me.co.uk