If you decide to apply for an IVA you will need an Insolvency Practitioner (IP). This person has a license to negotiate the Arrangement on your behalf and supervise it once agreed.
- What is an Insolvency Practitioner?
- How to find the right one
- What responsibilities does an IP have?
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What is an Insolvency Practitioner?
An Insolvency Practitioner (IP) is professionally licensed to manage debts. In particular they are allowed negotiate an IVA and then supervise the Arrangement after it is in place.
They are regulated by various different professional bodies. However IP’s all work to strict standards & codes of conduct. They have a responsibility to provide you with the best and most appropriate debt advice.
If you are unhappy with your IP you can complain. You should try to resolve the issue directly with them first. However if you remain dissatisfied you can escalate to the Insolvency Service.
You cannot put an IVA in place yourself. You need the help of an Insolvency Practitioner. They are licensed to carry out formal insolvency work.
How to find the right Insolvency Practitioner
You will not usually approach an Insolvency Practitioner directly about your debt problem. More normally you will need to speak to a Debt Counsellor first.
The Counsellor will review your debts and other financial circumstances. Then they will discuss the various different solutions available to you. If you decide an IVA is right for you the Counsellor will introduce you to an IP.
You IP will want review the advice you have been given to confirm it is correct. If they feel that an IVA is not the right solution they will discuss it with you.
Different IPs have different expertise. Some are good at dealing with consumer debt. Others have experience with self employed debt. Your Counsellor will introduce you to one who most suitable for you.
What does an Insolvency Practitioner do?
The first job of your Insolvency Practitioner is to prepare your IVA Proposal. They then work for you to present your offer to your creditors and carry out any negotiations. During this period they are known as your Nominee.
Once your IVA is approved the role of your IP changes. They are then appointed as the Supervisor. This means they are now responsible for managing the Arrangement throughout its lifetime.
The role of the Supervisor includes making sure you maintain your payments in accordance to the Agreement. They also undertake an annual review of your circumstances. They can change your payments if your circumstances become better or worse.
The IVA Supervisor works both for you and your creditors. They ensure you stick to the terms of the Arrangement and pay as much as you can towards your debts.
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