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Once you’ve decided to enter into an IVA then it’s understandable that you’ll want to get things moving as quickly as possible. After all, it’s the first step towards your new financial future.


In this article we look at the likely timescales involved and what happens along the way.

Before you take the decision to enter into an IVA you’ll need to decide which insolvency practitioner to use as an IVA can’t be self-managed.

Weeks 1-2: Before you take the decision to enter into an IVA you’ll need to decide which insolvency practitioner to use as an IVA can’t be self-managed. To do this, you should firstly do a bit of homework to decide who you want to work with and whether they’re a good fit given your personal circumstances. Whilst some debtors prefer to work on a one-to-one basis, for example, others don’t mind working as part of a team and don’t mind who they deal with for the duration of the IVA. Whichever advisor or firm you choose, remember that you’ll be committed to working with them for the next 5 years so it’s important to make the right choice.

Weeks 2-3: Once you’ve chosen a potential advisor, he or she will invite you in for an initial consultation. This is an excellent opportunity to discuss your financial position in full and they’ll also look over any related documentation, such as loan agreements, credit card statements and so on. They’ll also need to gain a full understanding of your income and outgoings so that they can draft a proposal for onward submission to your creditors.

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Weeks 4-6: As there’s likely to be a lot of documentation to consider, your advisor might well need a couple of weeks to fully review your financial situation and draft your proposal which you’ll then have to approve. This proposal should be a realistic suggestion to your creditors yet at the same time take into account your daily living expenses. After all, once it’s approved an IVA is legally binding and you won’t be able to change the terms of it.

Weeks 6-7: Once you’ve approved the proposal with your advisor then he or she will call a Creditors meeting. Your creditors will usually be given between 2 and 3 weeks to consider your proposal before the meeting is called. This meeting will usually take place at your advisor’s office and you’ll be asked to attend in case your creditors have any specific questions or concerns about the proposal you’ve put forward to them.

Weeks 7-9: On the assumption that your proposal is approved then your advisor will ensure that all relevant parties are notified of this (including any creditors who chose not to vote at the meeting since they’ll now be legally bound by the agreement reached). Your advisor will also produce a Chairman’s report and notify both the Insolvency Service and County Court. At this stage, details of your IVA will also be entered onto the Insolvency Register and you can expect the entire process to take between 4 and 6 weeks before things are finalised. Thereafter, you’ll simply be asked to make the monthly payment to your insolvency practitioner for onward distribution (usually 60 payments in total).

At the end of your IVA you’ll be issued with a certificate of completion and the arrangement will be satisfied in full, you will write off your debt in full.

Uday Tank

Uday Tank has been working with writing challenged clients for over four years. His educational background in family science and journalism has given him a broad base from which to approach many topics. He especially enjoys writing content after researching and analyzing different resources whether they are books, articles or online stuff.