The length of time it takes to set up an IVA will vary with each individual IVA.
Every IVA is unique, an it’s the complexity of each IVA case that will really determine how long it takes to set that particular IVA up.
A straight forward IVA case would take approximately 6-7 weeks, whereas a complex case could take inexcess of 12 weeks
The good news is that you can make a difference to the time it takes, and here’s how….
Most Insolvency Practices have a number of cases marked as ‘Work in Progress’ and these cases are generally in the process of being prepared and drafted for their IVA creditors meeting.
Each case will be the responsibility of an IVA drafter, who is tasked by the Insolvency Practitioner to make sure each case is prepared properly.
Quite naturally, IVA drafters will tend to prioritise the cases put before them, devoting the majority of their time to those IVA cases in which all the necessary documents have been provided by the debtor.
Therefore, when you are asked to provide all the required documents to the Insolvency Practice, you can directly influence the time it takes to set up your IVA by returning all documents as quickly as possible.
You can also assist the IVA drafter by making yourself available to discuss any concerns or issues that may arise once the documents have been received.
Yet again, by taking these simple steps and by keeping open communications with the people trying to help you will really help to speed up the IVA process.
My IVA Adviser are specialists at helping people enter into IVAs.
If you would like to talk to someone about how an IVA may help you with your financial troubles call 0800 088 7503 now, or leave your details at our quick contact page and we will call you sraight back.
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