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Documentation

This is a list of the documentation usually required when proposing an IVA and will be in addition to any information form you may be asked to complete.

  1. Property Valuation
    Or if not, sales particulars of similar properties for sale in the same street or local area (from estate agents or newspapers).

  2. Mortgage Statement
    Issued annually, usually following December 31st or March 31st.

  3. Endowment Policy Surrender Value
    Telephone insurance company and ask for confirmation of current surrender value of the policy (verbal followed by written).

  4. Car Finance / HP Agreement
    Original agreement (or a copy) and any recent letters.

  5. Salary / Wage Payment Advices
    At least three months payslips (ideally consecutive) for yourself and your spouse (even if the spouse is not liable for any debts).

  6. Creditor Statements / Letters
    A statement or letter that shows the amount currently owed to each creditor and your current account/reference number with them.

    If the latest amount is on a solicitors/collector's letter, it would be helpful to also have an older letter directly from the creditor to ensure that the reference number is correct. (N.B. collectors usually use their own reference numbers).

  7. Reasons for Financial Difficulties
    A personal history (in as much detail as possible) that explains the setbacks you have encountered leading to your present financial position.

    Debt escalation may be the main/sole reason but there is no doubt that creditors can relate more readily to identifiable reasons such as illness, unemployment, loss of spouse's income, etc.

    This explanation may be as important in encouraging your creditors to accept your repayment Proposal as the amount that they will receive.

 

 

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