Documentation required for an IVA

This is a list of documentation typically required when proposing an IVA. Please note this is not a substitute for legal advice. Once you have spoken to your insolvency practitioner who she will be able to tell you more about any other necessary documentation.

Property valuation

You will be required to show a typical valuation of your property. If this is not possible sales particulars of similar properties on the same street on local area where you live could be used as a guideline.

Mortgage statement

Mortgage statements are issued annually. In order to complete your proposal you will need to show a statement of your mortgage payments.

Endowment policy surrender value

You should telephone your insurance company and ask them for confirmation of current surrender value of the policy.

Car Finance/hire purchase agreement

You will need to supply any agreement or paper copies of any car Finance purchase or any hire purchase agreement that you have recently had.

Payslips/wage slips

You need to show your payslips for at least the last three months. You will also have two short payslips the last three months for your spouse or partner who may be financially involved with you.

Letters from creditors/creditor statements

You need to telephone your creditors and ask them to send you in writing that shows the total amount you currently owe them. If you have recently received the letter from your creditors or their solicitors, collection agencies that show the total amount you owe them; you can use this as well.

Reasons describing the course of the financial difficulties

You have to produce a personal history describing the reasons and explain the setbacks that you have come across which led to your current financial situation.

Although debt escalation is one of the main reasons could be the only reason what led to your financial difficulties; creditors usually like to know about identifiable reasons such as unemployment, loss of job, bereavement in the family of an earning member etc.

Explanations of this sort may be more important in encouraging your creditors to accept your IVA proposal.

Why use us to set up your IVA?

If you have debts over £15,000 than our Insolvency Practitioners can help you by proposing an IVA plan for you. Our Practitioners are industry regulated with many years experience in dealing with people like yourselves. We believe in providing honest, professional and reliable service. Fill out our online no obligation enquiry form to arrange a callback from one of our specialist Insolvency Practitioners. They will be happy to listen to you and devise a plan that is best suitable for your situation.