What does the process involve?

As with any change to the original terms of your IVA proposal, your Supervisor must assess the viability of your offer before presenting it to your creditors [1] to get their approval. Once it has been agreed that the offer can be put forward, a member of our Variations Team will draft a new proposal, which will then be sent to you for your acceptance. This must then be signed and returned to us to show you wish to put your new offer forward to people you owe money to.

A meeting must then be convened giving people you owe money to at least 28 days notice so that they may vote on the acceptability of your offer.

As with the original proposal more than 75% by value of those people you owe money to that vote must agree to the revised proposal for it to be effective.

If you feel you are in a position to make an offer of early settlement, or you just wish to discuss the options available to you please contact our Customer Care Team [1].