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Applying for an Individual Voluntary Arrangement has become more and more preferred to eliminate debts without needing to go bankrupt. This form of debt elimination is a legally binding procedure between creditors and debtors, where you make a voluntary arrangement with creditors on the terms of repaying the debt you owe. This procedure is adopted by the law and you cannot go through this IVA without the professional help of an IVA specialist or else, Insolvency Practitioner.

IVA specialists are licensed, trained professionals, who are leading the whole procedure of an IVA, working for you and communicating with creditors. Usually Insolvency Practitioners are accountants or in rare cases lawyers, who have a great role in the Individual Voluntary Arrangement process. IVA specialists are all qualified by passing through insolvency exams that enable them to provide insolvency services like company liquidations, corporate insolvency personal insolvency services like personal bankruptcies or Individual Voluntary Arrangements.

An Insolvency Practitioner is acting on both sides, on the creditors and on the debtors behalf, going through the whole IVA procedure from the start, with the Individual Voluntary Arrangement application, through collecting creditor details, relevant paperwork, personal profiles for the IVA proposal, and after that putting this IVA proposal forward to creditors on an IVA meeting with the creditors.

After the acceptance of the Individual Voluntary Arrangement proposal the IVA specialist will become an IVA supervisor, getting on the creditors behalf, becoming the administrator of the IVAs. The IVA specialist is responsible from now on for checking the monthly payments, following the IVA schedule and making continuous report on the financial status of the debtor and the flow of the IVA process. The IP is also responsible of collecting the monthly payments from debtors and disbursing the amount between creditors.

IVA specialists are not so hard to find all you have to do is look and ask around and go to an Insolvency Agency, which will certainly give you the needed help and specialist.