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IVA Letters

IVA Letters

IVA letters are written by your Insolvency Practitioner to each of your creditors, explaining your intention to enter into an IVA.

The letters the IVA nominee sends out to creditors outlines the debtor’s full intention of entering into an IVA. They also give the contact details of the insolvency practice that are acting on behalf of the debtor, to be used in all future correspondence.

This will normally be the first your creditors will have heard of your intention to reach a new arrangement through an IVA, and in most cases the IVA letters will initiate a barrage of telephone calls from the creditors asking you to continue making payments until the IVA has been set up.

This can be the most stressful period of the IVA preparations, when creditors have been known to try and destabilise the resolve of debtors, in the hope that the IVA will be avoided.

Creditor’s representatives will sometimes will infer that they intend to reject the IVA, and will threaten legal action against the debtor if no payment is forthcoming, but these threats should be ignored. The individuals  making the threats have no say on the viability or acceptability of your IVA, and are only interseted in seeing you make a payment to them. They are generally rewarded by their company for getting you to make a payment, so ignore the threats and don’t be deterred from your IVA proposal.

Once the IVA proposal is ready, another set of IVA letters are dispatched to your creditors, outlining the full details of your IVA proposal, and it is on the acceptability of this document that your creditors will vote at the creditors meeting.

My IVA Adviser specialise in helping people successfully apply for an IVA.

If you would like further information on IVAs or would like to see if your personal circumstances qualify you for an IVA call 0800 088 7503 or fill in the application form on the side of the page now and we’ll call you.

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