If you’re suffering from overwhelming debt problems then getting an IVA could be the best option for you. So how long does it take to get an IVA?
Since every individual voluntary arrangement is unique there is no default answer to this question with the length of time it takes to set up the IVA varying from case to case. Generally a straight forward IVA will take around 8 weeks to set up while a more complex case could take up to 12 weeks.
Setting up the IVA involves working through a process that begins with an initial assessment to determine first if you qualify for it. If you do qualify then after further research the insolvency practitioner working on your behalf will approach your creditors with an IVA proposal. A creditors meeting is then arranged in which the individual voluntary arrangement is either formally accepted or is rejected.
Fortunately it is possible for you to influence how long it takes for you to get your IVA. The insolvency practitioner responsible for your IVA relies on having access to all the necessary information and documents. By providing this information quickly you can help to speed up the process. Similarly you can assist by making yourself available to answer any questions that might arise once this documentation has been received.
