iva

whysolong?

Hi everyone, I have been an avid viewer of this site for a long time. I have looked through older posts for an answer to my question and as yet have not come across it. Can anyone tell me how long realistically it takes to set up an IVA if you are self-employed. How long could i be expected to wait? What is the longest anyone has taken to get an IVA up and running. Regards all .

Charco_2

It should reasonably take about 6 weeks to 2 months from first phonecall to creditors meeting.

It depends on how quickly you can move!

The main delays are getting the paperwork in and verified... the actual proposal can probably be drawn up in a few hours or maybe a working day provided all the information is available. Obviously before that there would need to be a meeting (by phone or face-to-face) and time for you to digest the information you've been given to decide if you wish to proceed. Then the information is gathered.

The delays are usually on the debtor's side taking time to collect the latest creditors letters, the mortgage/rent agreements, accounts (for self-employed), various other bills etc...

Once all the paperwork is in, it shoudl be a day or two until you receive the drafted proposal which you sign and return and then comes the creditors' meeting... 16 days for your creditors to read/accept/amend/reject the proposal.

The only statutory waiting time ois the creditor's meeting, so feasibly you could have an IVA in three weeks but the other bits do take time and it would average out to probably 6 weeks!

whysolong?

Thank you Charco for the reply. It has taken 7 months so far, must be a record.

Charco_2

Who are you with?

Not quite a record but I'm sure nobody out there is trying to claim top prize in this one!

In the mean time are you paying anybody any money?