Iva

Royhol

Pay plan have recommended intake out an IVA and I have been booked into a phone interview next Tuesday when my case has been passed across. What do I need to expect?

Vikipollard

Have all your paperwork (wage slips, bank statements, credit card statements, loan details etc to hand. Mine was a face to face (with another company, not payplan), but they went through the last three months of all of those, plus a monthly budget. They had what they needed to work up a proposal for my creditors then.


HTH

sourcrates

Make sure you budget correctly, don't agree to a level of payment that you will not be able to sustain.
A lot of IVA's fail because people agree to too higher payment, something goes wrong, and it all unravels.

Slightly overestimate your outgoings, so you can build up an emergency fund, should you need it, also it is likley, whatever figure you come up with, your creditors may ask you to up it slightly, to be able to agree your proposal, that's why you need some wriggle room in your budgeting.

You need to get the creditors who hold the largest proportion of debt on your side, as they will hold sway on weather your IVA is accepted or not, basically you have to show that your IVA proposal will bring in the best return for your creditors, as opposed to any other option, if you can do that successfully, it should be accepted.