An Individual Voluntary Arrangement (IVA) can only be administered by a Licensed Insolvency Practitioner. The IVA Practitioner has to adopt different roles as per the change in circumstances in order to cater to the needs of the client. These roles are as follows:-.
Adviser

The IVA practitioner often plays the role of an adviser in matters where he has to inform the debtor regarding the availability of all possible solutions to repay his debt. This process includes managing the debts on a priority basis like clearing the priority debts first, then the claims associated with re-mortgage, consolidating debts into loan, debt management and finally followed by bankruptcy problem.
Nominee

The IVA practitioner will become the nominee if the IVA is declared authentic and proper depending on the situation for which the arrangement has been made. There is, however, a wrong notion that it is the Nominee’s duty to guide the client (debtor) in the process of arranging the proposal to the creditors. But that is not the case in reality. According to the Indian Legislation, proposing the most convenient offer to the creditors is the responsibility of the debtor himself who is supposed to draft the whole proposal. Of course, he or she may be helped by his advisers who can be the Nominee but the actual job of drafting the proposal rests with the debtor.

So you are facing a financial chomp and don’t know what route of action to get. You are scared of state bankruptcy and behind all your property. Your creditors are threatening you. Well, under such situations the best option for you would be to follow a debt management plan.

You can get debt help on debt management plan from a debt management firm, and there is prosperity of them around. You can also seek out an economic counselor to help you manage your debts. There are free counselor services that you can use to help administer your debts. When managing debts, you would want to retain your assets. This is your first priority, and in the UK you have two courses of action that you can take. The first route of action is to seek out and consult a debt management firm. The second is to apply for individual volunteer agreement. If you go for a debt counselor, they will ask for details of the extent of debt that you are in and what are the assets you have. They will also want you to tell them if you are currently an employee and also your income.

Recent times have clearly indicated that debt collection can be a tedious procedure to follow. It is seen that debtor often do not corporate with creditors during the payback time, thereby resulting in loses to the creditors. Such scenarios lead to an urgent need of a collection system which collects debts easily without any hassle. Everyone wanted a fair and transparent system that not only collects the debt but also makes debtors follow rules and regulations throughout the association. If we say this system this system is partial to just creditor would be wrong in fact this system is also responsible to protect the rights of debtor as well, hence eliminating the need to wrong.

Debt collection is turned to an easy process by the introduction of this system. Its comprehensive approach makes sure that the transactions between both clients are fair in every aspect. The template on which this system is designed often works as the guidelines for similar systems.

Each companies their own ways to implement debt collection system. A small company may work on some aspect of the whole model while large companies may include the whole model with detailed specifications and working conditions. Large organizations are known to introduce the concept of mortgage in collection plans.