Inside The IVA

Creditors use third-party companies to vote on their behalf in an IVA. These organisations ultimately make the decisions, but are they given instructions from the creditors on what to accept or what to reject?

Creditors use third party companies to vote on their behalf in IVAs. In this video Mark Allen from Grant Thornton discusses how these companies decide whether to approve and IVA or not on behalf of creditors.

Creditors use third-party organisations to vote on their behalf as a part of the IVA process. Sometimes these organisations do not 100% agree with the creditors decisions. What happens then? Learn more about the IVA process in this video.

There is no guarantee that your creditors will accept your IVA proposal and that you will be able to enter into an IVA. For whatever reason that your IVA proposal was rejected, are you allowed to submit another one in an effort to repay your debts?

When entering into an IVA there are typically many different creditors involved. While each creditor has a say in the IVA, do all of them have to vote on whether or not to approve and IVA before it goes forward?

Your budget and expenditures must be approved by your creditors if you wish to enter into an IVA. If you have many different creditors are they likely to have the same guidelines or will each of them have a different set of rules?

Many people include some sort of savings plan in their monthly budgets to help offset unforeseen expenses and other day to day costs of living. When entering into an IVA, will your creditors allow you to save or would they rather you gave the money to them?

When a creditor does not want their client to enter into an IVA they can vote "no" on approving it. For some people a "no" vote on their IVA approval may mean they can no longer enter into an IVA and must go bankrupt.

Certain aspects of your financial life may be available to your creditors in an effort to repay your debts in an IVA. But what if you have a pension fund set up for your retirement? Will your creditors have access to those funds?

It is often wondered if creditors view each IVA as a unique and individual case or if they apply the same rules and policies with no regard to an individual's circumstances surrounding their financial situation. But does the banking code enter into how creditors view IVAs?

Creditors often have policies and procedures that define how they will react when voting for an IVA. But do creditors often treat people as individuals and determine how to vote on a case by case basis?

When entering into an IVA a creditors meeting is held where the creditors will vote on whether or not your IVA will be accepted. Facing creditors is not something many people like to do, so is it mandatory for you to attend?

Different creditors all have much different policies when it comes to Individual Voluntary Arrangements. Some creditors require that specific terms be met before they vote, but will some creditors not vote at all?