An updated version of the IVA Protocol is now available for use, and should be used for all protocol compliant IVAs entered into from 1 May 2010.

The original version of the IVA Protocol was available for use from 1^st February 2008 (hereinafter referred to as the ‘2008 Protocol’).  Following a review of the IVA Protocol, the IVA Standing Committee agreed an updated version of the Protocol (hereinafter referred to as the ‘2010 Protocol’).  It is important when reading the following details that you read the paragraphs that are relevant to the date and version of your Protocol compliant IVA.  

Those changes and other guidance can be accessed here. 

Protocol Compliant IVAs entered into before 1^st February 2010.

Protocol compliant IVAs entered into in this period will use the original version of the Protocol which has been available for use from 1^st February 2008.    The original version (‘the 2008 Protocol’) can be accessed by clicking here and there are links to the annexes below.  This version must not be used for any Protocol compliant IVA entered into from 1^st May 2010.

The IVA Standing Committee agreed some changes to the protocol and supporting documents in July 2008.  IVAs that were entered into under the terms of the 2008 Protocol are subject to the changes contained in the change and update document. An overview of the changes can be accessed by clicking here

Protocol Compliant IVAs entered into from 1^st May 2010

Protocol Compliant IVAs entered into from 1st May 2010 must make use of the revised Protocol (The 2010 protocol).  The 2010 Protocol can be accessed by clicking here.  The standard terms will be updated in due course, but until informed otherwise, the current version of the standard terms (as updated by the July 2008 changes) should continue to be used.

Protocol Compliant IVAs entered into between 1^st February 2010 and 30 April 2010 (the transitional period)

Protocol Compliant IVAs entered into in this period can make use of either the original Protocol (2008 version) or the revised version (2010 protocol).  This is to allow IVA providers time to adapt their systems to the revised version of the Protocol.

Annexes:

Annex 1 - BBA open letter to The Insolvency Service

Annex 2 - Regulatory Framework

Annex 3 - Terms of Reference of the Standing Committee

Annex 4 - Standard Conditions -  to be read in conjunction with the change document issued in July 2008 

Annex 5 - Standard front sheet

Annex 6 - Equity clause

Annex 7 - Guidance for calculation of maximum remortgage

In addition to the above Annexes, the Standing Committee has prepared sample draft letters which will provide the debtor with the information as required under clause 9.6 of the 2010 Protocol.  As these are sample letters, the IVA provider can, if they prefer, issue their own version of these letters to the debtors, but they must contain the information required in clause 9.6 of the 2010 Protocol.

Guidance to IVA providers - sample letters to debtors:

• Interlocking IVA with jointly owned property
• Interlocking IVA with solely owned property
• Letter to joint owner who is not proposing an IVA

The Insolvency Service would like to thank all those who have attended Standing Committee meetings and the many others who have contributed to the development and review of this protocol.