When you enter into an IVA do they request Bank Statements etc

Charco_2

So long as it feels affordable for you now... circumstances can change and things can go wrong but as long as you keep your IP informed of any major upsets then he will be able to work with you to help you through.

Good luck!

althas

When I started my IVA journey, once I had selected an IP, I ceased ALL payments to my creditors. I was told by my IP that if I was sending "token" payments to them all, that I could not favour one creditor over another. So if I sent £10 to one, it had to be £10 to each and every one

I also wrote to all the creditors explaining that I was not seeking professional advice from an IP, and asked it they could be patient and wait for the IP's coorespondance. And I must admit, they were all ok and said they would wait, even though I had stopped all payments

Talk the options through with your IP. They should look at the total household income and expenditure and come up with a "comfortable" allowance for you to live off. They do not expect you to have to eat own brand extra value baked beans for the next five years, nor will they allow a carabean cruise every year, but a comfortable medium. it is hard at first. Taken me and my wife a while to get used to it all (a complete 180 degree change for us), but that glimmering little light at the end of the tunnel is worth it, and to feel it getting closer and closer each day (as opposed to further and further away) helps a lot

Good luck to you though, hope it all goes well

Yukonmaster

Hi ZOVI

I understand your dilemma at the moment and know the feeling when you are in this position.

I found myself in the same position 5 years ago and chose the IVA route.My IVA ends end of this month, although 50% was expected from the proceeds of our property (my wife and I) and due to the property prices and current financial climate, its impossible for me to remortage so should be debt free in 4 weeks, subject to a variation report submitted to the creditors.

Anyway, my experience and advice is as follows:

Make sure you fully understand any conditions within your IVA. Dont hesitate to ask your IP before you sign anything.

If you have a property,make sure you get advise from your IP if property prices decrease or unable to remortgage towards the endof your IVA and how it would affect IT.. This maybe written in your terms and conditions of your IVA

Always be honest with your Insolvency Practioner and build a good relationship.

Try and build in a contingency fund in your income and expenditure so that you can use in case in emergencies.

Keep your bank statements and payslips as it is likely your IP will need to see them every year at your annual review.

Always make notes and a careful record of events or correspondence that may effect your IVA as it may be useful to have in case you need it to support any changes in circumstances etc

There is no shame in going into an IVA, it will change your outlook and will be a culture shock at 1st ,but on the other hand, it will end and you will be debt free, just crack on and within a few months you should be able to forget, live your life as normal and look forward to the end, there is light at the end of the tonight.

My best wishes to you and hope that you complete successfully:beer: