Will my 'IVA Proposal' be accepted?
The million dollar question.
It's reported that as many as 80% of all IVA applications are successful. However, that's small comfort if your IVA is one of the rejected 20%.
The good news is that you can do something to increase your chances of a successful IVA application up to 98%
How To Improve Your Chances Of Success
The IVA application process requires the applicant to submit an their IVA proposal at a 'Creditors' Meeting'.
The successful outcome of the Creditors' Meeting will depend on the creditors accepting the proposal represents a better financial return than they could expect from the applicant's bankruptcy.
Your proposal is crucial
So the preparation of the IVA proposal is everything.
Your IVA proposal is your opportunity to explain to creditors how your financial difficulties arose whilst giving you a chance to also demonstrates how you intend to repay them through the structure of an IVA.
This is all well and good in theory, but how will you know what your creditors expect to receive from you through the IVA?
- How will you know what to offer your creditors as your IVA payments?
- Will they expect you to stop paying towards your pension?
- And what about the Hire Purchase agreement for your car?
- Or will they expect your partner to pay towards your debts?
The answers to these question, and others just like them, will be crucial in making sure your IVA stands the best chance of success and, fortunately, this is where you can make a difference.
Get specialist IVA help
It's really important to make sure you choose best IVA company to help you, by ensuring you only use an IVA specialist like My IVA Adviser.
We're constantly listening to creditors because it's our job to understand what they're expecting to see in IVA Proposals, just like yours.
This also enables our advisers to remain updated with very latest IVA information. Only when your adviser's satisfied that your proposal has an excellent chance of success will they suggest it is referred to an Insolvency Practitioner.
This process is at the heart of all our IVA applications and is why our IVA success rate currently stands at 98%.
Professional IVA Advice
If you'd like to have a confidential chat with one of the My IVA Adviser team, to help you establish exactly how an IVA would be applied to your personal circumstances please call 0800 088 7503
There's no charge for a consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.
Alternatively, complete this form and one of our advisers will contact you at your preferred time.