Documentation for an IVA

topaz1971

I have just taken out an IVA because my debt was getting out of control. This was taken out with the Debt Advisory Line company.

However, they have asked me for a copy of my log book for my car to prove I am not driving an expensive car and have also informed me that they need me to send them a copy of my wage slip and bank statement each month.

Is this normal and if so would I have to send them my wage slips and bank statement every month for the next 5 years.

Would be grateful for any advice anyone can give me.

Many Thanks

topaz1971

mistercovert

When I was in my IVA I just sent in wage slips every 3 months. Never sent bank statements, was never asked for them. My car was on finance for 1.5yrs of the IVA so they knew what car I was driving and never asked for the V5 doc.

doelani

We had to submit all payslips every 6 months when paying any extra money, 50% of overtime. We were never asked for a bank statement and our car was also on hp so the IP had a copy of the agreement but never asked for the V5.

MIVAA

Hi Topaz,

It is normal to be asked to provide proof that the car you own is not of great value, and by that I mean has a value of less than £6,000 or so. Creditors would request you sell any vehicle above this value, then buy a cheaper vehicle with the proceeds, and give them the difference through the IVA.

With regard to the wage slips - it sounds like they are still in the process of gathering all your documents, and if this correct, then it is normal. Once the IVA has been agreed you would only need to supply statements and wage slips every 3, 6 or 12 months or so, depending on the variability of your income. If your income is moving around due to commissions or bonuses they'll want to see them more regularly, to help keep on top of the accuracy of your contributions.

The Debt Advisory Line are primarily a Debt Management Company, and as such, will be charging you a 'set-up' fee equal to your first 2 months contributions. This is on top of the fees they'll charge your creditors for putting the IVA together, and will not be refunded to you if your IVA is rejected by your creditors or if you can't agree to any modifications they put forward.

If you haven't paid these yet I would urge you to consider using any one of the IVA companies that do not charge this set-up fee. It is not necessary to pay this fee and the money comes straight out of your pocket when you can least afford it, but also, your debts are left to languish whilst they wait for you to pay this money over.

In any event you should you should make it a priority to get a 2nd opinion from CCCS or Payplan, just to confirm you that have been given the correct advice, as from what I've heard about DAL, you'll probably need it.

I hope this helps.

MIVAA

RAS

Alternatively you could talk to one of the debt charities, some of whom also organise or run IVAs. See here for contact details http://www.moneysavingexpert.com/loans/debt-help-plan#help

I assume you have already read martin's IVA Guide
http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf?

i would suggest you ask Debt Advisory Line Service exactly what there fees are and compare these with other providers.

beefree

When you sign the IVA proposal, you are signing a legal document to state you haven't givien any false information so you shouldn't need to send car docs in...shop around 1st. Wage slips shouldnt be needed that often!

thegrimreaper

when i was in my iva every year we had an i&e review and at the time of the review they would ask for the last 3 months payslips, they never asked for bank statements or the log book good luck with the iva if you go for it, but as said check out the links above for advice first!

Thegrimreaper