Required Doccuments for IVA Application
Following is a list of the documentation usually required when applying an IVA debt help.
- 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).
- Car Finance / HP Agreement:-
Original agreement (or a copy) and any recent letters.
- Proof of expenditure:-
e.g. rent, monthly bills, etc.
- Endowment Policy Surrender Value:-
Telephone insurance company and ask for confirmation of current surrender value of the policy (verbal followed by written).
- Value of assets:-
e.g. property valuation, make/model/year of car, etc.
- Mortgage Statement:-
Issued annually, usually following December 31st or March 31st.
- Formal identification:-
e.g. passport, drivers licence.
- Property Valuation:-
Or if not, sales particulars of similar properties for sale in the same street or local area (from estate agents or newspapers).
- Reasons for Financial Difficulties:-
A detail personal history 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.
- Salary / Wage Payment Advices:-
At least 3 months pay slips (ideally consecutive) for yourself and your spouse (even if the spouse is not liable for any debts)
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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