About Your IVA - Important Dates

This example is based on a 60 month IVA that has not been extended during the course of the arrangement. The duration of an IVA may vary and is subject to the individual circumstances of that case.

While IVA's most typically last for 60 months it is important you not only maintain payments, but also your other obligations of the agreement - on time.

Day 1

Your IVA proposal has been approved at the creditors meeting and you are now entered into a legally binding agreement with your creditors.

All the paperwork confirming that you are now subject to an Individual Voluntary Arrangement will be issued to you. Included in these documents will be a schedule of any modifications proposed by your creditors and agreed by you to sign and return to us.

Week 1

You may still receive paperwork from your creditors chasing you up for non payment. Please do not worry about these requests, please forward the correspondence to our office and we will deal with this accordingly. It takes time for all your creditors to update their systems with details of your voluntary arrangement and it is inevitable that some correspondence will cross in the post. If however you receive any correspondence for a debt you have not advised us about please contact the office immediately to discuss this matter.

Week 2

You will receive a welcome call from the Post Appointment team at Harrington Brooks. The advisor will also confirm whether your signed paperwork has arrived and discuss any other matters specific to your arrangement.

Week 3

If you have a property which is included in the IVA, it will be around this time you will receive confirmation that a restriction has been registered against your property in favour of your IVA supervisor. This is nothing to worry about and has been placed on the property to protect creditors' interests. The supervisor has no power to sell your property but you will require his permission to enter into any transactions regarding the property.  The restriction will be left on your property until the fourth or fifth year of your arrangement when the equity position has been reassessed.

Month 11

Around this time you will be sent a request for an up to date income and expenditure statement. This will be accompanied by a copy of your initial income and expenditure statement and you will need to go through the form and provide details of any changes in your circumstances. You will need to complete this and return this to our office together with the last 12 months wage slips, latest 3 months bank statements for all accounts held, latest P60 and any other documents requested. Once this information is received by our office a full assessment of your financial situation will be undertaken. This could result in contributions staying as they are, an increase in monthly contributions or a variation to the terms of your arrangement.

It is important that throughout your arrangement if you are in receipt of any additional income you advise your supervisor of this immediately. Under the terms of your arrangement you are obliged to pay some of these funds into your arrangement and failure to do so could result in your arrangement being extended or failure proceedings being instigated.

Month 12

One of the IVA administrators will contact you to discuss to discuss the outcome of your financial annual review. The results of this will also be confirmed to you in writing together with all your original documentation.

Month 13

A first annual report will be issued to you and your creditors confirming the progress of your arrangement to date. The supervisor is required by law to issue this report to you and your creditors within two months of the anniversary of your arrangement. This report will include details of all payments made by you, the level of fees charged by us and any distributions made. It will also confirm the outcome of your financial review.

Month 23

A request for you to complete your second review of your financial circumstances will be sent to you for you to complete and return to this office with all supporting documentation.

Month 24

One of the IVA administrators will contact you to discuss to discuss the outcome of your financial review. The results of this will also be confirmed to you in writing together with all your original documentation.

Month 25

The second annual report will be issued to you and your creditors confirming the progress of your arrangement in the last twelve months. This report will include details of all payments made by you, the level of fees charged by us and any distributions made. It will also confirm the outcome of your financial review.

Month 35

A request for you to complete your third review of your financial circumstances will be sent to you for you to complete and return to this office with all supporting documentation.

Month 36

One of the IVA administrators will contact you to discuss to discuss the outcome of your financial review. The results of this will also be confirmed to you in writing together with all your original documentation

Month 37

The third annual report will be issued to you and your creditors confirming the progress of your arrangement in the last twelve months. This report will include details of all payments made by you, the level of fees charged by us and any distributions made. It will also confirm the outcome of your financial review.

Month 47

A request for you to complete your fourth review of your financial circumstances will be sent to you for you to complete and return to this office with all supporting documentation.

Month 48

One of the IVA administrators will contact you to discuss to discuss the outcome of your financial review. The results of this will also be confirmed to you in writing together with all your original documentation.

Month 49

The fourth annual report will be issued to you and your creditors confirming the progress of your arrangement to date. This report will include details of all payments made by you, the level of fees charged by us and any distributions made. It will also confirm the outcome of your financial review.

Month 54

If you have a property that is included in the arrangement you will be contacted around this time to provide an up to date mortgage redemption figure and valuation of your property. Once we have received this information we will be able to advise you if you are required to attempt a remortgage to release a proportion of any availale equity, or whether your IVA will be extended by 12 months as an alternative.

Please see: support/iva/equityrelease for more information.

Month 60

Your final contribution will be made and steps will now be taken to conclude your arrangement.

Month 63

Congratulations! Your arrangement has now successfully concluded and all completion documents have been issued to you and your creditors.