What can I expect from Parkfield during my IVA?
Making the decision to enter any debt solution is a long-term commitment.
When you enter into an Individual Voluntary Arrangement (IVA) you are signing up to a legally binding agreement that can last between five and six years.
While this may seem like a long time at first, this is your opportunity to change your financial future.
Expert Parkfield staff will be by your side every step of the way as you make your journey to a life free of unsecured debt but that doesn’t mean we’ll be in your ear constantly.
Part of the reason many people choose an IVA is the fact that it allows them the chance to live their life knowing their debt is being managed on their behalf.
That means we’ll only get in touch with you when we really need to.
Here we give an insight into how often we’ll be in touch during your arrangement with us.
Pre verification
When you first apply for debt help from Parkfield, we’ll get in touch straight away.
We understand that talking about debt and admitting there is a problem is hard, that’s why we don’t want you to wait for a minute longer than you need to when you ask for help.
At first, you’ll speak to an expert debt adviser who will get to know more about you, your circumstances and explain how we can help. They’ll run through your income and expenditure to make sure we find a solution that is suited to your affordability.
Next, we draft a proposal, detailing all of the debts you owe, and share this with the people you owe money to, also known as your creditors. The people and companies you owe money to will then vote on your proposal, deciding whether they agree to the repayment terms laid out in your IVA.
If 75% agree, you’re good to go and all we need next is one final signature to confirm your arrangement.
After approval
The initial signing process for your IVA shouldn’t take more than one or two days if you don’t have to change your bank account. If you do have to change your bank account upon entering an IVA, we can’t progress your application until that change is made, so the average lead time increases to around two weeks.
That said, the quicker you change your bank account, the quicker we can move the application forward.
During this time you’ll hear from us quite a lot as we prepare and draft your proposal, and have it sent to be approved by creditors.
It’s normal for you to hear from your creditors for up to 12 weeks after your arrangement is set up, and you will continue to receive annual statements from them, but once you’re in your IVA proper and have your payments set up, things begin to quieten down.
With your IVA in place we like to leave clients to get back to enjoying life, safe in the knowledge that their debt is being managed. That’s not to say that we leave you alone for the entirety of your arrangement.
We’ll get in touch once a year to conduct an annual review. This allows us to touch base and make sure your arrangement is still affordable. We’ll review your income and expenditure again, check in with how you’re coping, and adjust your arrangement where necessary.
We’re always here to help
While we may only get in touch with you once a year, or on the very rare occasion there’s an issue with you account, that doesn’t mean we aren’t here to support you.
If you’re worried about anything or have any questions, we’re just a phone call or a click away.
From helping you understand your proposal to changing your bank account at the very beginning of the journey to updating us about your circumstances or affordability later down the line, we’re always here to help.
You can contact us via email, telephone or live chat if you have any further questions.
