IVA in 8 Steps

Step 4 - creditors vote on your IVA

We send your proposal to all of your creditors and invite them to respond to us by a set date. So long as 75% of those creditors who vote on your IVA proposal agree to its terms, the IVA will be approved.

We then send your IVA proposal to the local County Court, which assigns it a court number. As soon as we receive that number we send a copy of the proposal to every one of your creditors and invite them to attend a creditors' meeting, which must take place within 28 days of the court assigning your IVA a number.

Although it is called a creditors' meeting, your creditors will almost certainly not send a representative. Instead they will send their responses to your IVA proposal directly to us ahead of the appointed meeting time. So long as 75% of those creditors who vote on your IVA proposal agree to its terms, the IVA will be approved.

If for any reason more than 25% of your creditors reject your IVA proposal, we will adjourn the meeting for two weeks in order to work directly with creditors to come up with terms that are acceptable to them. In the unlikely event that this proposal is still rejected, we will re-draft the proposal from scratch.