Advisor & Nominee


As an advisor, the IVA specialist will inform you of all the solutions available, which usually include consolidating debts into a loan, debt management, bankruptcy, and IVA. The advisor will look at your specific circumstances and your level of debt to advise the best solution.


If you and the advisor consider an IVA appropriate then a Nominee will be nominated and proposed. The Nominee's main role is to help direct you on drafting a proposal to the creditors. The proposal is usually a standard document that is modified to your specific circumstance. Common terms will include:

  • An analysis of the your income & expenditure
  • From this, your disposable income is calculated
  • The amount paid into the IVA periodically (usually monthly)
  • A background history explaining how the your financial difficulties arose
  • Information about what may happen if your disposable income increases during the term
  • Details of any assets that are to be realized or excluded
  • The ability to call future meetings of creditors in the event of a change in circumstances and modify the terms of the IVA
  • Restrictions on obtaining credit

The Nominee will act as a Chairman to hold the meeting with the creditors and negotiate with you and the creditors to approve the proposal. Often the creditors will ask for changes to the proposal at the meeting. One of the common modifications put forth by the banks is to include restrictions on your right to obtain credit, ensuring payments increase if your income increases, specifying a minimum return, and insisting that the Nominee fails the IVA if you miss three or more payments.