1. Consult a reputed insolvency practitioner who will guide you through the correct process.

2. The insolvency practitioner will collect all the information from you required to prepare the Individual Voluntary Agreement proposal. Once done, usually a meeting is arranged by the insolvency practitioner to advise you of all your debt consolidation options.

3. Once you have decided to proceed, your insolvency practitioner will ask you to authorise him/her by signing a formal letter to contact your creditors. This would ensure that your creditors stop contacting you to relieve you off some stress. Your insolvency practitioner will be the one who they will need to contact instead.

4. Based on details provided, your proposal is submitted to the creditors for approval. You may be asked to clarify things stated in the proposal or state any missing details in the proposal.

5. The proposal with alterations is then returned to your Insolvency Practitioner who will update it and send back to you for final approval. Once you sign and approve it your insolvency practitioner will then formally agree to become your nominee.

6. Then a report is prepared stating your offers to the creditors and your Insolvency practitioner’s comments on your offer to the creditors. This report is then submitted to the court accompanied with your IVA proposal. This report is then sent to all the creditors to consider.

7. A meeting is arranged where the creditors will vote whether they are willing or unwilling to go with the Individual voluntary agreement and agree to your offer.

8. If 75% of the creditors agree to what is in the proposal and what you offer to them, the IVA will be approved.