Harrington Brooks have compiled some general IVA advice for people searching for help about the process of an IVA. Please understand that this is generic advice as each persons individual financial circumstances must be taken into consideration.
Harrington Brooks would set up your Individual Voluntary Arrangement (IVA) for you once you give us approval to do so. We will also apply to the county court on your behalf should there be a need for an Interim Order. This Interim Order is often necessary when your creditors are contacting you excessively. It will give you piece of mind and will give you immediate protection from those often upsetting calls and letters.
An Interim Order protects you from creditors who want to set up bankruptcy proceedings against you. While an interim order is set in place, the creditors would not be allowed any other debt enforcement action against you that is not ordered by the court.
Once we have assessed your financial circumstances and have compiled the necessary documentation, we will prepare an IVA agreement and will send it to your creditors. This agreement will invite them to a meeting to discuss payment arrangements, and they should get 14 days to prepare for it.
It is important that your creditors are aware of this meeting, as they could take out separate proceedings against you to recover their debt if they had not been properly notified of it.
This meeting would take place no less than two weeks after the IVA proposal has been drawn up and sent out, though it should be concluded within four weeks.
The creditors will vote on whether or not to accept the IVA proposal, or perhaps ask for it to be amended. You can expect the exact terms of the agreement to be negotiated and renegotiated to come to an agreement which suits all parties involved.
Neither you nor your creditors would need to be at this meeting, as a consensus can be reached through a proxy. Even though your presence may not be required, we would advise you to be contactable.
The creditors, or their proxy, will vote on your IVA Proposal. They will consider it and if 75% of them agree on it by value, they will accept your proposal. By value, means the votes is weighed by the amount of money owed to each creditor and that the votes will not be based on a head count. This will mean that if you owe 75% of your total debt to a single creditor then that creditor will have the casting vote on your IVA Proposal. So no matter how many other creditors you have, they will all be bound by it.
If any new creditors should appear after the IVA has started, they are allowed to demand an amount that would be equal to what they would have received had they been included at the beginning of the IVA.
Your Insolvency Practitioner would usually manage the IVA and you would need to make a single monthly payment. This payment would go into a fund and the Insolvency Practitioner would manage it.
Its imperative that you maintain the repayments on the IVA; otherwise the creditors could have you declared bankrupt. Your creditors will expect you to honour and comply with the terms of the IVA agreement made.
If your financial circumstances change during the course of your IVA agreement we would advise you to inform your Insolvency Practitioner of these changes so that the payments you make can be adjusted accordingly.
Debt Management Plan
Lower Monthly Payments 
IVA Advice 