How long does it take to set-up an IVA

When considering which debt solution is the most suitable, most people will have concerns over the timescales involved in gaining protection from their creditors.

The stress endured by feeling exposed to creditor action can be immense, so it's only natural to want this exposure to be limited to the absolute minimum.

Immediate Protection

Once we are sure that an IVA is the correct solution to your problems My IVA Adviser can start the IVA process straight away, giving you immediate protection from your creditors.

This is true, even if creditors have already begun legal action against you.

We have the contacts needed to ensure we can talk to the relevant departments that will, in most circumstances, suspend any action against you and give us time to draft your IVA proposal.

But if, for whatever reason, creditors refuse to give us the time we need, we have the ability to apply for an Interim Order, a legal document that forces them to wait for the outcome of the IVA.

Drafting the IVA

The time it takes to set-up an IVA varies on the complexity of each case and is, initially, heavily dependent on the applicant providing the necessary paperwork.

But, once the documents have been provided it should take no more than a few days to complete the draft version of the IVA proposal.

The IVA Proposal is then sent to the applicant to check through and sign and, once signed and returned, a copy is passed to the creditors for their consideration.

Setting the Creditors' Meeting.

There is a legally binding minimum notice period of 17 days which must be given to warn creditors of the impending Creditors' Meeting.

It is at the Creditors' Meeting that the decision will be taken by creditors as to whether they accept or reject the proposed IVA.

So, as you can see, a typical IVA application should be completed within 4 - 5 weeks from start to finish.

IVA delays

The process detailed above assumes all the documents will be to hand, ready to pass to the IVA Drafter.

In reality this may not be the case and sometimes it isn't possible to provide everything immediately, which may delay the set-up process slightly.

However, experience tells us that most delays are caused by breakdowns in communication and in our experience, the key to a speedy IVA set-up process is good communication between all parties and the provision of the 'all important' documentation as soon as possible.

Applying for an IVA

If you would like to discuss entering into an IVA with a specialist IVA adviser, why not call our helpline on 0800 088 7503 or, if you prefer, simply complete this form and one of our advisers will call you at your preferred time.

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For more information on IVAs take this link to view the list of our IVA Articles.

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