The preparation of your IVA proposal is one of the most important aspects in ensuring that your IVA stands the best chance of being accepted by your creditors.
That's why My IVA Adviser puts enormous effort into making sure our IVA proposals are prepared to the highest level.
Preparation Saves Time
Before you make contact with the team here at My IVA Adviser, there's a few things that you can do to prepare for the consultation ahead.
Firstly, you'll need to be able to discuss your income with accuracy, which means it would be a good idea to have a couple of wage slips available to refer to, when your adviser asks for any income related information.
Secondly, it'd be good preparation to make a note of your household costs, such as your utility bills and mortgage or rent payments. Council tax costs are also required, so check up on your current payment and have it ready.
Give some consideration to the travel costs you incur, for instance your monthly petrol consumption, or travel card costs.
And last but not least, your food and other consumables will need to be considered, so try to make an assessment of those costs too.
Having this information prepared will save you time during the process and ensure that the figures are as accurate as possible.
Your adviser will be able to provide guidelines if you're struggling to get a clear figure, but taking the time to prepare will help you ensure nothing is overlooked or under estimated.
Preparing your IVA proposal
Your consultant will provide you with a list the paperwork we'll need to draft your proposal. It's your drafter's role to prepare your IVA proposal, which they'll do once all your supporting paperwork has been received.
You'll also have a chance to discuss your circumstances with your drafter to ensures they're fully conversant with your situation. This, too, is a vital part of the IVA process, as mistakes can occur if there's been poor preparation to this point. It would be all too easy for a drafter to misrepresent someone's circumstances if they hadn't properly prepared.
Once the proposal has been prepared you'll have the opportunity to read it through and confirm it accurately represents the offer you want to make to your creditors.
Preparing for the Creditors' Meeting
Your Insolvency Practitioner will send a copy of your IVA proposal to each creditor in preparation for the Creditors' Meeting. They will each be given a chance to assess your circumstances and decide whether they are prepared to accept the offer of your IVA.
Whilst you won't actually need to attend the Creditors' Meeting, you will need to be available on the end of a telephone, should your IP need to contact you for some reason.
Professional IVA Help
If you feel you need to talk about how an IVA might be able to assist you in preparing for your IVA, please call 0800 088 7503 to have a private chat with one of the My IVA Adviser team.
Alternatively, complete this form and we'll call you at your requested time.