In order to apply for an IVA, you need to appoint an insolvency expert. There are many specialists to choose from, and you can usually find a list at your local court, or perhaps your nearest Citizens' Advice Bureau. An insolvency expert may be part of an accountancy firm, or many work for a company that deals specifically with people who have debt problems. Make sure that you know what fees will be charged and what your adviser will do for those fees. You will be having an on-going relationship with your adviser for the term of the IVA – usually five years – so you need to make sure that you are comfortable with their approach and service.

What an IVA expert will do for you

Essentially, the IVA adviser is there to handle the administration of your IVA. This means that once you've provided a list of all the creditors to whom you owe money, together with a clear idea about how much you can afford to pay each month, your adviser will take care of everything else. This will include:

• Contacting your creditors – all your creditors must be informed that you are considering an IVA. They will be invited to a creditors' meeting so that they can vote on whether to accept your proposal or not.

• Applying for an interim order – once the court grants this order, your creditors cannot ask for bankruptcy to be filed against you or start repossession proceedings without express permission from the court. This protects you, your home and your family whilst the IVA is put into place.

• Arranging a meeting – your creditors may send someone else to represent them at the creditors' meeting, or they may appoint your adviser as a proxy and tell him or her how they want to vote at the meeting. Some creditors may attend in person. Your IVA adviser will make sure that the meeting is properly run and recorded.

• Administration – if at least 75% of your creditors vote in favour of an IVA, your adviser's job is to agree how much each creditor will be paid each month. You will be informed of the monthly total, which you will pay directly to the IVA adviser. They will then divide it amongst your creditors, and they will be the first point of contact if either you or the creditors have any issues.

Appointing an adviser is not only essential; it helps to make the whole process much easier for you, transferring responsibility from your shoulders to someone who is trained and qualified to handle your debt arrangements.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.