How long does it take to set up an IVA?

Usually within two to four weeks most IVA’s can be drafted. They are then sent to all your creditors, which can take another two weeks for their approval. By law, your creditors are not allowed to make any contact with you after an IVA is setup. This will give you peace of mind, knowing you do not have to deal with creditors anymore. All you do is make the payment you agreed to for 60 months – the usual period. When this period expires, any debts that remain are forgiven and you are free from the pressure of debt.