IVA Paperwork – A Guide to What You’ll Need

Applying for an IVA and the documents you should have available

When you’ve sought professional debt advice and decided an IVA is the right debt solution for you, you’ll need to gather the appropriate paperwork to support your application.

Your Licensed Insolvency Practitioner (IP) will require supporting evidence so they can put together an accurate and convincing proposal for your creditors to vote on. So what paperwork are you likely to be asked for when choosing an IVA?

• A history of your debt problems and how they came about can be a key factor when your creditors come to vote on your IVA proposal. If you can supply as much detail as possible in relation to why your debts built up, for example through redundancy, illness or any other reason, it will provide them with a set of circumstances on which to help base their decision.
• You’ll also need up-to-date statements from each of your creditors which clearly show how much you owe them and also a reference number for your account with them. 
• Three months consecutive wage slips will also be needed to support your IVA application. If you’re married and your spouse isn’t liable for any of your debt, they will still have to supply their payslips in order to show the IP how much income is coming into your household each month.
• If you’re a homeowner then there is a lot more information you’ll need to provide during the IVA application process. Your most recent mortgage statement and a valuation of your home will both be needed to help determine how much equity is in your property, as this will have to be released for the benefit of your creditors.
• Any H.P. or car finance agreements you have will also have to be supplied to your IP. These are examples of secured loans and as such won’t be included in your IVA but they still need to be factored in to how much you can reasonably afford to pay your creditors each month when your IVA starts.
  

Normally the IVA application process will take around 4-6 weeks from the beginning until your creditors have voted on your proposal.

If you’re well prepared and have all the necessary documentation to hand then this will help avoid any unwanted delays which will only cause you more stress and anxiety.

Call Simple IVA now and take the first step to enjoying a debt free future or complete our IVA Wizard and see if you qualify for an IVA.