Applying for an IVA.

When you have decided that the IVA route is the best one for you, you need to get an insolvency practitioner. Insolvency practitioners are specialists who are authorised to act as a liquidator, administrator, administrative/nominee and a supervisor.

You will find insolvency practitioners in directories such as yellow pages or Google.

Once you have found an insolvency practitioner, make sure you have been advised of all their fees for setting up the IVA and managing the IVA. The last thing you need is an unexpected bill to arise. Make sure you also give them a budget plan of all your expenses and income.

Once the insolvency practitioner has all the relevant information, they will apply for the IVA on your behalf. Make sure you keep in touch with them and ensure that they are doing what they have advised you at the outset.

Once they have the IVA approved they will then manage the IVA until the whole debt has been cleared.

The insolvency practitioner will be referred to as a ‘nominee’ until the IVA is approved. After the IVA is approved, then the insolvency practitioner is referred to as a supervisor.

If you are thinking of applying for an IVA, we strongly recommend you look at a quick property sale, before starting the process. There are many reasons why people use our quick property sale service, for example: If you have equity in your property and require the equity to either stop repossession, want to pay large debts, want to get out of owning a property because you are unsure what is going to happen in the market.

What ever the reason, our quick property sale option is worth looking into before setting up an IVA. 

Also see:

What is an IVA
Advantages of an IVA
Bankruptcy
Quick property sale

Contact us or apply online and see how quick purchase can help.