Default

Apply For An IVA

Apply For An Iva

Can’t decide whether an IVA (Individual Voluntary Arrangement) is right for you? Take a look at our article about the application process for an IVA. It couldn’t be simpler.

How Begin The Application For an IVA

Signing up to a debt solution is a significant event in your life, so it is important to gather as much information as possible, so you can make an informed decision. 

Once you feel ready, fill in our form and a member of our team will contact you. Alternatively, call our team on 0800 698 0174.

How to Apply For an IVA

After you have spoken to a member of our team and decided that an IVA is the best option for you, your application will be passed over to an IVA Drafter. At this stage of the process, all of your personal and financial details will be gathered in order to create your IVA Proposal.

Your IVA Proposal is a formal document that is sent to your creditors. This gives your creditors a complete picture of your circumstances. 

What Information Will We Need For An IVA?

During the application process, there are several documents that we will request.

Which information you are asked for will largely depend on your personal circumstances and as such, the following list is to be used purely as a guide.

There will also be a discussion regarding your other living expenses, such as food bills and travel expenses. This allows your IVA Drafter to determine your affordability, ensuring you don’t commit to an IVA that isn’t appropriate for you.

We will ask you to provide:

  • Photo ID
  • Rent Agreement or Mortgage Statement
  • Latest 3 Months of wage slips
  • Latest 3 months of bank statements
  • Council Tax and Utility bills
  • HP agreement if appropriate
  • Recent statements from any other creditors you may have.

Drafting My IVA Application

Once all of the information has been gathered, your IVA Drafter will then ‘draft’ your IVA. This means that they will raise the legal documentation.

The Drafter will check through the information you have provided and will ensure that everything is in order to successfully proceed with your proposal, including making sure that all evidence of your cicumstances are available should your creditors request more details.

Creditors will occasionally question any spending that is above government parameters. This means that if your food bill is higher than average, your creditors may require justification for this.

Recent Posts

IVA Pros and Cons – What You Should Know

There are some IVA Pros and Cons that you should know. Firstly, you need to know that you will be paying back your debt at a rate you can afford, and the rest will be written off at the end of the arrangement. You may even have up to 70% of your debt written off at the end of your

Read More »

Which Debts Can Be Included in a Trust Deed?

Which debts can be included in a trust deed? This article will help you understand these two different types of debts. Secured debts are tied to a specific asset and can be sold if the borrower fails to repay the money. Unsecured debts are not tied to a specific asset but are backed only by the borrower’s promise to repay

Read More »

What Is an IVA and Why Should You Make One?

What is an IVA? An IVA is an agreement between you and your creditors that will freeze interest, stop legal action, and create a repayment plan. While debt settlements can be informal, an IVA gives you more protection. Creditors are prohibited from taking legal action against you if you choose to make an IVA. Read on for more information about

Read More »

How Do I Apply For a Deed of Trust?

How do I apply for a Trust Deed? There are two main types of Deeds of Trust. Short Form and Long Form. The Long Form is a longer document that is typically used by institutional lenders. The Short Form is usually prepared by an Escrow Officer and incorporates the standard Long Form clauses and conditions. It is recorded in all

Read More »

How Does a Trust Deed Work?

How does a Trust Deed work? A Trust Deed is a legal contract between a borrower and a lender. While the lender retains title to a home, the borrower remains the equitable owner, enjoying the homeowner benefits and building equity. The beneficiary is a party that protects the borrower’s investment interests, usually a lender. The beneficiary may also be an

Read More »

How Bankruptcy Affects Senior Debt

How Bankruptcy Affects Senior Debt When is a person eligible for Bankruptcy? There are many reasons why taxpayers file for bankruptcy. The best way to avoid bankruptcy is to practice sound financial planning and common sense. If you are contemplating bankruptcy, you may want to consult with a credit counselor or a financial planner. In this article, we will briefly

Read More »