We have a meeting or phone interview where we discuss your circumstances. We then assess the information in order to prepare an IVA proposal to be put before your creditors. Your creditors then decide whether to vote in favour of it. If they do, it is usually because the outcome for them is preferable to bankruptcy. If it is approved at the creditors’ meeting, it is a binding agreement between you and your creditors and your creditors now have to deal directly with us and can no longer chase you for payment. We then supervise the IVA for its duration, which is typically five years.