{"id":913,"date":"2013-12-16T12:04:03","date_gmt":"2013-12-16T12:04:03","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=913"},"modified":"2019-01-29T12:24:23","modified_gmt":"2019-01-29T12:24:23","slug":"progress-of-an-iva","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/progress-of-an-iva\/","title":{"rendered":"Progress of an IVA"},"content":{"rendered":"\n<p>Once you enter into an Individual Voluntary Arrangement with your \ncreditors you receive a copy of what is called the Chairman\u2019s Report of \nthe Meeting of Creditors.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>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)  contributions.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_64516813_S.jpg\" alt=\"Applying for an IVA\" class=\"wp-image-926\" width=\"400\" height=\"300\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_64516813_S.jpg 800w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_64516813_S-300x225.jpg 300w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/01\/Fotolia_64516813_S-768x576.jpg 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/figure><\/div>\n\n\n\n<p>The nominee (the Insolvency Practitioner who is acting on your behalf\n and who called the Meeting of Creditors) will have discussed all \nmodifications with you and with your creditors who put them forward. \nCreditors may sometimes agree to change the modifications if presented \nwith compelling arguments to do so but generally you the debtor are \nfaced with a decision to accept them or not as they are proposed. \nAssuming you accept the modifications \u2013 and your nominee will require \nyou to confirm this in writing \u2013 your IVA is approved if over 75% of \nvoting creditors agree. Your nominee then prepares the Chairman\u2019s Report\n of the Meeting of Creditors and circulates it to various parties, \nincluding your creditors and yourself. This provides all relevant \ninformation including the modifications, how creditors voted and so on. \nThis report together with your original IVA proposal is really your \nblueprint of your IVA.<\/p>\n\n\n\n<p>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. Your supervisor must provide you with a copy \nof this Annual Report to Creditors. This report will include all the \ninformation you need to keep you informed as to how your IVA is going. \nIf your Supervisor fails to provide you with a copy of this report, you \nhave grounds for complaint. Your IVA proposal and the Terms and \nConditions accompanying it should describe the complaints procedure \navailable to you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once you enter into an Individual Voluntary Arrangement with your creditors you receive a copy of what is called the Chairman\u2019s Report of the Meeting of Creditors.<\/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":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-913","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\/913","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=913"}],"version-history":[{"count":3,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/913\/revisions"}],"predecessor-version":[{"id":946,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/913\/revisions\/946"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}