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| Starting an Individual Voluntary Arrangement (IVA) |
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| When starting An Individual Voluntary Arrangement (IVA) it is very important that you act quickly and follow all the instructions that the Insolvency Practitioner (IP) gives you. |
| One of the most important things you must do, it open a NEW Bank Account, that’s only if you have a Loan, Credit Card or Overdraft with that account. Ideally you will not have another account in that bank with your name on it, so no Joint Accounts. |
You will also need to provide a lot of information so the Insolvency Practitioner (IP) can put your Individual Voluntary Arrangement (IVA) in place, you will have to get together all the relevant paperwork to start you Individual Voluntary Arrangement (IVA), listed below:
- Three Months Wage Slips
- Three Months Bank Statements
- Copy of Photo Identification
- Up to Date Creditor Statements (your all your debts)
- A Mortgage or Rent Statement / Agreement
- Car / Other Hire Purchase Agreements
- Copy of Car Logbook (to vale your car)
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| If your Individual Voluntary Arrangement (IVA) is a joint application, then you will need this information for both parties. |
| The Insolvency Practitioner (IP) needs all this relevant information to put together a strong case for when he has the meeting with your creditors, you creditors will ask for all this information. |
You will also need to complete a full fact find, before starting the Individual Voluntary Arrangement (IVA) process, this will include:
- Full Household Income (Including Partners wage, Benefits, Pensions, Etc)
- Full Household Expenditure (Mortgage, Rent, Gas, Electric, Food, Etc) you household expenditure will not include creditor payments at this point
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| This information is, Very! Important, without this your disposable income can not be calculated. |
The IVA process may seem like a long one, but most of the work will be done for you. The average time to have an IVA in place is 4/6 weeks and once the Individual Voluntary Arrangement (IVA) has been accepted you will feel all of the benefits:
- One affordable monthly payment
- No creditor contact
- No Letters
- No Legal Action
- Debt free in a set time (normally 60 month)
- Reduced debt (average 70%)
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| Call Your Debts Cleared free on 0800 692 2000 or Take our online DEBT TEST |
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