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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:
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.
Address: Room 605-607, China Merchants Building, 152-155 Connaught Road Central (303-307 Des Voeux Road Central), Sheung Wan, Hong Kong