Documents needed for IVA Debt Help
Documents needed for IVA Debt Help
If you are one of the many people who are currently struggling with mounting debts then you will obviously want to find a way of getting yourself out of the situation. An Individual Voluntary Arrangement, also known as IVA debt help, can be a good way of resolving these issues. The outcome of these agreements is a lowered monthly payment plan and they will usually lead to you being free of your debts within 5 years.
To get yourself set up on one of these payment plans, you will usually have to provide a number of documents to go with the standard forms that you need to fill out. We have given you a brief outline of some of the documents you may be expected to produce when applying.
Statement/Letter from creditors you should provide a hard copy of a statement or letter from each of your creditors that shows the amount that you currently owe to them along with your account or reference number.
Mortgage statement a copy of your most recent mortgage statement should also be given to show the amounts owed and the monthly repayments that are due.
Car finance agreement if you have got any outstanding money on any hire purchase or finance deal with a car dealer then you should provide the original copy of the agreement along with any more recent statements or letters from the company.
Wage slips you will normally be required to give at least 3 months worth of pay slips to show your monthly income. Your partner may also have to provide the same irrespective of whether they are liable for any of the debts that are owed.
Property valuation if you can get an actual valuation of your own property then this is preferred. However, details of similar properties within the local area can also be used if you can't get your own valued.
As well as the set documents that are laid out above, you should also provide your own reasons for you being in the financial situation you are. Providing as much information as possible can be of great assistance in getting the proposed payment plan accepted by your creditors. If you have found yourself in financial difficulty due to illness, bereavement or unemployment then explaining this can give you more chance of being able to start on the plan.
IVA debt help can be extremely beneficial for some, however, it is not suited to all situations so before you decide on anything you should get some independent financial advice to see what the best course of action is.
Is Being Debt Free Possible? Resolving Debt Issues Emotions Surrounding Debt Deeper And Deeper In Debt Eliminate Unsecured Debts - Become Debt Free Fast Get Rid of Your Unsecured Debt MoneySavingExpert-Work Towards Being Debt Free MoneySavingExpert- Debt Free and Financially Stable Purchase The Ideal Nerf Gun Now How To Clear Your Debt And Live A Debt Free Life How To Purchase Shoes? Where You Should Purchase Excellent Tattoo Machines Five Debt Solutions that Can Help You Manage Your Finances Efficiently