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IVA : How Long Does It Take To Set Up An Individual Voluntary Arrangement (IVA)?
When you realise that you have a serious debt problem, it is quite natural to look for the quickest debt solution, to ease the anxiety of your situation.
This anxiety is based around seeking protection from your creditors.
Once we are sure that an Individual Voluntary Arrangement is the correct solution to your problems myIVA-Adviser.com can start the Individual Voluntary Arrangement process .
Once started the Individual Voluntary Arrangement process takes on average 6-8 weeks.
The set up time for an Individual Voluntary Arrangement varies, and is heavily dependent, certainly in its early stages, on the information you will be asked to provide for the set up process to begin.
If all the requested documents are supplied promptly, the Insolvency Practitioner can then draft the Individual Voluntary Arrangement proposal straight away.
Once the IVA Proposal is completed it will be sent to you for you to read through, amend if necessary, and then sign.
Once signed, the IVA proposal can be passed to your creditors, and a Creditors Meeting can be arranged, the last stage of the set up process.
This whole process can take as little as 6 weeks to set up, from first call for help to Creditors Meeting.
However, this assumes that you have all the documents to hand to pass to the Individual Voluntary Arrangement (IVA) Drafter, and are sufficiently motivated to get the ball rolling. In reality it may be that you are unable to provide everything immediately, which may lengthen the set up process.
One of the major pitfalls is to consider that your work is done just because you have picked up the phone and discussed your situation with an Individual Voluntary Arrangement adviser. In fact, your work has only just started, and from this point, and for the next few weeks, your input will be crucial to the success of your Individual Voluntary Arrangement, and to the time it takes to set it up.
The key to a speedy set up process is communication, and providing as much information as possible, as soon as possible.
For more information on Individual Voluntary Arrangements and to view the list of the IVA articles available from myIVA-Adviser.com, click here.
