How to start an IVA

An IVA is relatively simple and straightforward to set up. If you have any questions about the process described below, ClearStart is able to give you any additional information.

A detailed breakdown of the key events in the whole IVA process is available on the IVA approval process page but these are the main steps:

You find an Insolvency Practitioner (IP) to act on your behalf (ClearStart is able to help with this).
The IP talks through your circumstances with you and prepares an IVA proposal document containing important details such as your personal circumstances, your financial situation and how you propose to repay your debt.
This IVA proposal is approved by you.
The IP files an Interim Order with the court. Once this Interim Order has been filed, your creditors cannot issue bankruptcy proceedings against you until a vote is taken on your IVA.
The IP writes a Nominee's Report. This gives his/her professional opinion on the IVA being proposed and it says whether or not a creditors' meeting should be called.
The Nominee's Report is circulated among debtors and creditors.
Creditors hold a meeting to discuss your IVA proposal and vote on whether to accept it as it is, to suggest modifications or to reject it.
A majority of 75% (by debt value) is needed to accept the IVA. If this is achieved, the IVA is legally binding on all the creditors.
The Supervisor appointed at the Creditors' meeting administers your IVA and ensures that creditors are paid according to the agreed terms.

Three steps to a better future

Prepare

Any debt solution starts with the facts. Write down:

Debts on cards and other loans
What you earn every month
What you spend every month

Apply

Contact ClearStart using our online form or by calling
0800 988 9345.

Choose

Review our recommendations and then tell us how you'd like to proceed. We can start dealing with all of your creditors straight away.

Apply online

Find out which debt solution is best for you.

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Fairpoint, the parent company of ClearStart, was shortlisted for Debt Counsellor of the Year at the 2010 Credit Today Awards. This nomination is in recognition of the quality, support and best practice we use to ensure you receive the best advice and most appropriate solutions.