Paperwork you’ll need

When you contact an insolvency practitioner to set up an IVA, they will probably tell you what information you need to pass on to them. This is likely to include:

• proof of your income, such as payslips, benefits letters or recent bank statements
• proof of savings such as bank statements
• details of your mortgage or rent agreement
• information about what assets you own, such as a car, and how much they are worth
• details of your debts and creditors -  who your creditors are, how much you owe and all the letters and papers you have relating to your debts and creditors
• a budget sheet listing all your income and spending.

You should make sure you have all this paperwork sorted and ready before meeting your practitioner.

Your budget

Before meeting with your insolvency practitioner, you should do a budget. This lists all your monthly income and spending. It will help you work out what spare income you have each month to pay your creditors.

Be honest

You must be honest with your insolvency practitioner about your circumstances. If you keep any information from them, you may end up with an IVA that you can’t stick to.

It is a criminal offence to deliberately withhold or give false or misleading information about your circumstances, in order to get creditors to agree your IVA proposal. If you do this, you could get fined or even sent to prison.

‍