IVA : How Long Does It Take To Set Up An IVA ?

The time span on setting up an Individual Voluntary Arrangement (IVA) is not a fixed one, it depends on several factors but can be set up quite quickly if needed. The key to a successful Individual Voluntary Arrangement (IVA) application often lies in the hands of the debtor.

There are no time limits on setting up an Individual Voluntary Arrangement (IVA), other than the practical ones, so if you have decided that an Individual Voluntary Arrangement (IVA) is the solution to your debt problem, follow the steps below and there should be no reason why the whole process doesn't run smoothly and quickly.

• Research Individual Voluntary Arrangements (IVAs) and what they are. Find an experienced IVA adviser and ask as many questions as you need.


• Make your decision and ask your IVA adviser to help you prepare your case for your IVA proposal.


• Open up a new bank account if you need one.


• Collect all the required paperwork and proof of identity as quickly as possible and send it to your IVA adviser as soon as you can.


• Keep in touch with your IVA adviser on a regular basis. Don't be tempted to relax and just let things happen, ask for updates on your Individual Voluntary Arrangement (IVA) case and always provide what the Insolvency Practitioner needs as soon as possible.


• Keep your creditors informed. Ask your IVA adviser to speak to your creditors on your behalf, but also speak to them yourself. If a creditor is kept properly informed often the need to "rush" an IVA will diminish.


• Always tell the truth about your situation and if any thing changes in your personal circumstances let your insolvency practitioner know as soon as you can.


• Always keep appointments with your IVA adviser or Insolvency Practitioner and let them know if your contact details change.


• Send IVA correspondence by recorded delivery. This gives you peace of mind and guards against the possibility of important IVA documents going astray.


• Read any IVA documents you are signing carefully, but be sure to send them back to your insolvency practitioner promptly, when you have understood them and are happy with what they contain.


• Make sure you are available on the day of your Individual Voluntary Arrangement (IVA) creditors meeting, it is usually enough to be near the phone at the time of your meeting.


• Be prepared to consider any modifications creditors may want to impose on your IVA proposal. You are not in an Individual Voluntary Arrangement (IVA) until you have completed the meeting, including negotiating any changes to the Individual Voluntary Arrangement (IVA) put forward by creditors.

All the points mentioned above will help your Individual Voluntary Arrangement (IVA) go through smoothly, and are really based in common sense.

The key to a quick process is good communication between all parties and a clear understanding of each parties role. If you follow these tips an Individual Voluntary Arrangement (IVA) can be achieved in as little as 6-8 weeks, but as I am sure you realise, getting the end result of an Individual Voluntary Arrangement (IVA) is what matters, and that will take as long as is necessary.

For further information on IVAs, call myIVA-Adviser.com, for free on 0800 088 7503 anytime and speak to one of our IVA specialists.

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