The first thing you’ll need to do is find an Insolvency Practitioner to take your case forward.
Insolvency Practitioners are professionals often from legal and accounting backgrounds who specialise in matters of insolvency. Before agreeing to use an Insolvency Practitioner you should both check out their credentials and what costs are going to be involved. It can be well worth shopping around as if you’re struggling financially the last thing you need is to be landed with hefty legal fees as well.
Your Insolvency Practitioner will advise you about whether or not an IVA is the right option in the first place, as well as the details of one, should you choose to go ahead with it. Making the right proposal is essential, as your IVA will be legally binding, if it is accepted by your creditors. For this reason it’s imperative that you only agree to pay back what you can really manage, and think carefully if you need to make decisions about any assets that you have.
Once you’ve come up with the proposal, your Insolvency Practitioner will present it via the courts, applying for an Interim Order so that your creditors may not pursue your debt through the court for the time being. The court will then decide whether or not to call a meeting for your creditors. At this meeting they will discuss the proposal and decide whether to accept it or not. If they accept it, both they and you are legally bound to the arrangement, and they cannot take legal action for your debts as long as you continue to meet the agreement.