{"id":11488,"date":"2010-12-02T10:03:40","date_gmt":"2010-12-02T10:03:40","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=11488"},"modified":"2019-08-16T10:10:59","modified_gmt":"2019-08-16T09:10:59","slug":"making-my-iva-work","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/making-my-iva-work\/","title":{"rendered":"Making my IVA Work"},"content":{"rendered":"\n

Fear of failure inhibits many people from taking action to address a \nproblem. People who find themselves insolvent can baulk at entering an \nIndividual Voluntary Arrangement for fear that they will fail to make it\n work and that they will be worse off than before. If you do take the \nplunge what is it like and what happens? Once you enter into an \nIndividual Voluntary Arrangement with your creditors you receive a copy \nof what is called the Chairman\u2019s Report of the Meeting of Creditors.<\/p>\n\n\n\n\n\n\n\n

You will already have signed off on your IVA proposal which was sent to all your creditors and which was the basis for your IVA. Creditors will have voted on the proposal accepting it as it was offered, rejecting it as it was offered or (and this is usually what happens) accepting it subject to your agreeing certain modifications. Most (but not all) modifications of your proposal seek to increase the dividend to creditors by seeking reductions of the administration costs of the IVA or an increase in your (the debtor\u2019s) monthly (and lump sum, if any) contributions.<\/p>\n\n\n\n

\"IVA<\/figure>\n\n\n\n

The nominee (the Insolvency Practitioner who is acting on your behalf and who called the Meeting of Creditors) will have discussed all modifications with you and with your creditors who put them forward. Creditors may sometimes agree to change the modifications if presented with compelling arguments to do so but generally you the debtor are faced with a decision to accept them or not as they are proposed. Assuming you accept the modifications \u2013 and your nominee will require you to confirm this in writing \u2013 your IVA is approved if 75% of voting creditors agree. Your nominee then prepares the Chairman\u2019s Report of the Meeting of Creditors and circulates it to various parties, including your creditors and yourself. This provides all relevant information relating to the (modified) IVA agreement, how creditors voted and so on. This report together with your original IVA proposal is really the blueprint of your IVA.<\/p>\n\n\n\n

Now that your IVA is up and running, your Supervisor (the Insolvency \nPractitioner who is supervising your IVA and is often the same person as\n your Nominee) will receive all your payments and distribute dividends \nto your creditors. The Supervisor also has a duty to review the conduct \nof your IVA and to report to your creditors \u2013 usually annually. The \nannual review may also require you to increase your monthly or other \ncontributions to your IVA if your financial circumstances improve. Your \nsupervisor must provide you with a copy of this Annual Report to \nCreditors. This report will include all the information you need to keep\n you informed as to how your IVA is going. If your Supervisor fails to \nprovide you with a copy of this report, you have grounds for complaint. \nYour IVA proposal and the Terms and Conditions accompanying it should \ndescribe the complaints procedure available to you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fear of failure inhibits many people from taking action to address a problem. People who find themselves insolvent can baulk at entering an Individual Voluntary Arrangement for fear that they will fail to make it work and that they will be worse off than before.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-11488","post","type-post","status-publish","format-standard","hentry","category-iva-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=11488"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11488\/revisions"}],"predecessor-version":[{"id":11502,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/11488\/revisions\/11502"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=11488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=11488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=11488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}