There are many places you can start to apply for an IVA. You’ll first want to choose the IVA company you want to start the process with. Whoever you choose, your application will begin online. Companies choose many different ways to collect some information from you before they speak with you.
The different way to apply for an IVA
The online applications between companies generally break down into two simple categories: long and short. The long applications ask many more questions, especially details about your income and outgoings. Some people like this, they can sit down with their bank details and go through everything. These long applications generally take around 45 minutes.
Although the long application has its merits we prefer the short online application. That’s because many of the details you entered online have to be checked on the phone call anyway. Our view is: what’s the point in going over things twice.
We just take a few basic details from you and get to the phone call sooner. We know that by the time people decide to reach out for debt help, they just want to speak with someone anyway.
How to apply for an IVA: step by step
Whether you apply with a company that uses a long or short online application, the steps are still the same.
Step one - you answer the online questions and provide your phone number
Step two - you speak with a debt advisor who looks at your circumstances and advises on the best way to get debt free
Step three - you start a debt solution and work towards becoming debt free
How setting up an IVA works
If you’ve spoken with a debt advisor and an IVA sounds like the debt solution for you, your provider should do a lot of the work for you. The main thing to get things started is they will draft your IVA proposal.
This is a document that outlines the terms you are your creditors must adhere to. You should read and sign this proposal before your IVA can begin.
Once you’ve signed the proposal this will be shown to your creditors at a ‘meeting of creditors.’ This isn’t an actual meeting but essentially this is where your creditors agree to accept or reject your proposal.
Once accepted your IVA is legally binding and your creditors must agree to abide by the terms. That includes writing off any outstanding debt at the end of the term, and not chasing you for payments.