• How to start an IVA?

    • No upfront fees
    • Reduce your repayments
    • No obligation debt advice

    If you owe over £12,000, an IVA settlement gives you affordable monthly payments over a period of five years.

    The monthly payment can start from as low as £150

    CALL US ON 0800 988 9345 TO DISCOVER YOUR DEBT SOLUTION

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  • 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 , please call 0800 988 9345.

    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.

    Further reading
    IVA Help | How an IVA works? | IVA Costs | IVA Criteria | IVA Approval Process | How to Start IVA | What Is an IVA? | IVA FAQs

     
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  • Customers feedback

    Their response was prompt and clearly explained. All communication was clearly explained and non-judgemental. I felt supported through all the steps of the debt management process.
    Clara Johns - Manchester
    02 Feb 2011