IVA: Creditors Information

An IVA is a legally binding agreement between the debtor and their creditors. An IVA can only be approved if over 75% of the creditors (in terms of debt value) agree to the IVA. For advice about your IVA creditors, contact us today on 0800 048 1766.

How can I get my IVA creditors to accept my IVA application?

We cannot guarantee that your creditors will accept your IVA application, but we would never process an application that is likely to get rejected. Your IVA proposal will have to benefit you as well as your creditors, and offer them a better return than bankruptcy.

The only way that your IVA can go ahead is if your IVA creditors accept the proposal. All creditors will be bound by the majority decision (over 75%), regardless of whether they voted yes or no.

What happens if my IVA creditors reject my IVA application?

Your creditors may offer you the reason why your IVA was rejected, and you may look to propose another IVA application which offers more benefit to the IVA creditors.

There are also other debt solution alternatives which you might want to look into, such as a debt management plan.

Will my IVA Creditors Contact me?

An IVA is designed to protect you from your IVA creditors, as long as you keep up to date with the terms and conditions of the agreement.

Once the IVA has been agreed at the IVA creditors meeting, they will no longer be able to contact you or continue legal action against the debt. However, there will be a period during the set up process of your IVA, where your IVA creditors may contact you. Inform them that we are dealing with the IVA on your behalf, and ask them to get in contact with us.

See our IVA FAQs section for more answers to your questions about IVA creditors.

For information and advice about your IVA creditors, please get in contact with our team of IVA specialists at IndividualVoluntaryArrangement.co.uk. Call free today on 0800 048 1766 or fill our the Quick Enquiry Form for a callback.