How to Apply for IVA? Complete Guide to Apply free IVA Application

Is an IVA Worth it

If you are considering an IVA settlement program as a feasible debt solution in your journey to being debt free, then you may want to know what an IVA settlement program is, how to apply for IVA online & if the IVA can be the right option for you. Today, we will answer all your IVA-oriented queries in this guide.

Complete Guide to Apply free IVA Application

An IVA is usually known as Individual Voluntary Arrangement, is actually a legally binding settlement agreement conducted between you & your lender. This is usually used to assist you repay all your debts over a certain period of time. IVAs generally last for 5 to 6 years but can also be extended for an extra year if you have some equity in your property.

Well, an IVA settlement program night is the best possible way for you if you’re facing certain difficulties to repay your debts. The IVA settlement program will enable you to make pocket-friendly payments over many years. And at the end of the period, any kind of outstanding unsecured debt incorporated in the IVA settlement program is automatically written off. 

How to apply for an IVA settlement program?

Before you opt Apply for an IVA Online, your insolvency practitioner will define each and every option available to you before making a commitment to an IVA. They must also be sure you read as well as understand the leaflet. Is the IVA a right debt solution for me? 

apply for an iva online

More about applying for an IVA settlement program

#1: The very first step is to get in touch to the court for an interim order!

Your hired insolvency practitioner who is also known as IP may apply to the court for the interim order for preventing all your lenders action against you while an IVA settlement program is being set up. It means they cannot get any kind of court order against you, or even force you towards bankruptcy. Well, interim orders are pretty unusual & your IP might assist you to get court action adjourned instead.

#2. Discuss about all your finances & monthly payments

Your insolvency practitioner will verify your financial condition with you, including all your savings, spare income, as well as properties. Assets such as property or a vehicle might be involved in the IVA settlement program in order to raise more money for paying back to your lenders – generally, the IVA settlement programs have certain clauses about how your house is treated. Your insolvency practitioner might also recommend that certain assets aren’t incorporated, for instance, a van or building you require to run your business or a vehicle that you require to get to work.

Well, with the help of your insolvency practitioner, you can effortlessly work out a monthly payment plan to your lender. You’ll require to offer as much as you will be able to afford, otherwise your lender might not agree to this settlement program.

#3. drawing up a proposal

Your insolvency practitioner will assist you make a special proposal for your lender & the court. And in the proposal you’ll agree to monthly payment to your lenders in full or in part over a certain period of time, usually 5 to 6 years. Your insolvency practitioner will also make a report for the court that incorporates their opinion as to whether the settlement proposal will work or not. And the report will also include:

  • a complete financial statement, involving each and every details of your assets, monthly income, debts, as well as properties
  • a proposal setting out each and every terms of the proposed IVA settlement program, like the length of the settlement process & how much debts you actually intend to pay back
  • Each and every reason why the lenders should approve the IVA settlement program & that they’ll get more under this settlement program rather than they would if you go bankrupt.
  • Your insolvency practitioner will assist you determine the best possible proposal depending on your financial condition & the likelihood of lenders approving it. The IP must consider all the rights of the lenders to repay the debt & also your capacity to make regular payment.
  • If you ask to incorporate some special rules and regulations in the proposal.

#4. Lenders approve or reject your settlement proposal

Your insolvency practitioner will directly get in touch with your lender and ask them whether or not to accept your proposal. And it will generally be conducted at the IP’s office. And you have to attend the meeting session so that you will be able to represent your interests, although you do not need to appear in person as a teleconference can be conducted.

Popular Blog : What is IVA advice in Uk and How Does it Work?

If the majority of the lenders vote for your settlement proposal, then the proposal is approved & it is directly reported to the court. And afterwards, the IVA will be binding on all the lenders, in fact those who voted against the settlement agreement.

For IVA Advice and Help in UK, CALL : 03338803165

This comes to the end of the How to apply for IVA online ? Here is a complete guide to apply for a free IVA application. Hopefully, we have provided sufficient information so that you can easily apply for an IVA settlement program. You can also apply for an IVA online. On the other hand, if you need more information or IVA debt advice then directly, simply reach us! We’d love to serve you at your convenience! Moreover, you can also give us a ring or simply visit our official website for getting further details regarding IVA settlement program.