Part of the administration of any IVA or Trust Deed is the meeting of creditors. This is a meeting where those who are owed money by a debtor meet to hear their proposal for an IVA or Trust Deed to be put in place. An IVA is a serious financial obligation and should not be entered into lightly. It provides relief for those who have gotten themselves into bad and unmanageable debts and they need most of their debts to be written off.

The IP or Insolvency Practitioner, an insolvency expert who is a professional in the field of debt gathers together the financial information relating to the debtor. The IP is the person who presents the proposal to the meeting of credits and is someone who is trained and experienced in negotiating with creditors. The IP works on behalf of the debtor and their fees are taken out of any money that is paid back to the IVA fund.

At the meeting of creditors, the IP presents the debtor's financial situation and their proposal for how much of the debtor's disposable income can be repaid to the IVA fund as part of a monthly repayment plan over the next five years. In a Trust Deed, the Scottish equivalent, there are many differences, but the life of the Trust Deed is only three years, making it advantageous to live in Scotland.

At the meeting of creditors, seventy five percent of the creditors have to agree the IVA proposal for it to pass through into fruition. If less than this agree, then the IVA proposal is rejected - although the debtor may request the proposal to be presented again once it has been amended. There is no guarantee that the creditors will accept the proposal, they are not bound to do so. An experienced IP is an essential when trying to obtain an IVA.