Role of Insolvency Practitioner in IVA
In an IVA, the insolvency practitioner is essential. They are qualified professionals in charge of directing the entire IVA procedure. The insolvency practitioner will first evaluate your financial situation. Your income, debts, and daily expenses are all included in this.
They will then advise on whether an IVA is the best option for you. The insolvency practitioner will draft the IVA proposal if an IVA is determined to be appropriate. This spells out your monthly payment obligations, including your financial capacity.
The insolvency practitioner collects and distributes your payments to creditors once the IVA is in place. Throughout the IVA, they also keep an eye on your financial situation. They have the right to change your payments if your situation changes.
The insolvency practitioner must also finish the final review of your IVA. The insolvency practitioner will issue a certificate of completion if you have complied with the terms of your IVA and made all of your required payments.
Your IVA ends at this point, and your new financial life begins.