IVA in 8 Steps

Step 3 - meet with a Debt Lifeboat IVA expert to finalize your proposal

By the time you meet up with one of our advisers you will have received a draft of the IVA proposal, so you may come in with some questions to ask us. We will look through the plan together and make sure that this is the best route to a debt free life for you.

Before you meet one of our IVA experts you will have received a draft of your IVA proposal. Please read through the proposal and write down any questions you want to ask us. We work through your IVA proposal together, making sure that an IVA is the best solution for your debt problems.

Your IVA proposal will have four elements:

We go through each element of the IVA proposal with you to ensure you understand it and that the terms and conditions are achievable. Typically, you would need debts in excess of £18,000 and an ability to make a monthly contribution of at least £200 for an IVA to work. Creditors generally expect you to have at least three other creditors before they will approve your IVA proposal.

Once you are comfortable with every element in your IVA proposal, you sign a copy of the document and our Licensed Insolvency Practitioner, Phillip Allen, will also sign it. Though you will continue to deal with your personal Debt Lifeboat IVA expert, Phillip personally acts as your nominee in your application and will take on the role of supervisor once the IVA has been agreed.