It has to be installed with a bankruptcy practitioner. All bankruptcy practitioners must adhere to a protocol when establishing and managing the iva companies.
There’s a voluntary code of practice, also called the IVA Protocol, that insolvency practitioners & many creditors have signed around.
The program offers a common format for most straightforward consumer IVAs.
The protocol lays a standard way of life:
The material of this proposition
how investment and income will be evaluated
how equity from the House is Handled
provisions and terms contained in the IVA
You’re going to be acceptable for an IVA under the protocol when you’ve got a regular cash flow and also possess three or more debts with at least two creditors.