The IVA Process
Once the necessary documentation have been collected, the IVA application process begins in earnest and it should normally takes approximately 4-6 weeks to draft the IVA proposal. It will culminate with a meeting of creditors and it's at this meeting that your creditors will vote on whether or not they are prepared to accept your IVA proposal.
For the IVA to become legally binding on your creditors it must be accepted by 75% (in debt value terms) of your creditors that actually vote.
During the drafting process, you will have the full support of the IVA.co team and you will be able to contact your IVA advisor at any stage should you have any question or encounter any problems. In fact, your advisor will be available to support you throughout the whole term of your IVA, from the moment your IVA has been approved, right through until its successful completion.