IVA - trying to organise ourselves
Feline1004
Posts: 2 Newbie
in IVA & DRO
Hi All,
Hubby and I are currently looking into an IVA. I don't suppose anyone would have a few minutes to give me some idea of what paperwork/figures we would be expected to provide? Hubby is 'not a paper man' (his words not mine) and I am trying to pull together as much information as possible so we can organise ourselves before approaching an organisation. For example, he does not have online access to his credit cards and so if we are going to be asked to show credit card statements, I can start digging through the black bin bag in the garage that is his filing system! Will we need to show payslips? Mortgage documents?
I have no doubt that every company has different criteria but I wanted us to at least start the process of getting ourselves organised.
Any advice or suggestions would be really appreciated. This is not our proudest moment so didn't want to add to our already astronomical stress levels by not having information required to hand.
Thank you.
Hubby and I are currently looking into an IVA. I don't suppose anyone would have a few minutes to give me some idea of what paperwork/figures we would be expected to provide? Hubby is 'not a paper man' (his words not mine) and I am trying to pull together as much information as possible so we can organise ourselves before approaching an organisation. For example, he does not have online access to his credit cards and so if we are going to be asked to show credit card statements, I can start digging through the black bin bag in the garage that is his filing system! Will we need to show payslips? Mortgage documents?
I have no doubt that every company has different criteria but I wanted us to at least start the process of getting ourselves organised.
Any advice or suggestions would be really appreciated. This is not our proudest moment so didn't want to add to our already astronomical stress levels by not having information required to hand.
Thank you.
0
Comments
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Have you done a monthly budget, in's and out's?
How much do you both earn (total)?
How much do you spend (not paying debts)?
How much is your minimum payments?
What interest are you currently paying?
How much are your car(s) worth?
If you have mortgage, how much is it worth and what is the mortgage balance?
Have you done the PPI reclaim thing yet?
Are you upto date with all your payments?
How much of your debt is on 0% interest?
How much is your total credit card debt and loan debt?
How much is left on your credit limits?
Theres a start to see your best options going forward.
As for information, you will need the latest statement from each creditor, if you dont have one wait for the next statement to drop through the letter box, but you really should be able to pull one off online as all the credit card/loans companies I have used all can be done online.0 -
Foxy-Stoat, thank you very much for taking the time. This is exactly what we needed 😃0
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Recent bills the evidence the cost of any outgoings that you can (eg water, gas, elec, council tax, telephone, life insurance, car insurance) and last 3 months bank statements.
You will need to show payslips, usually the last 3 months, but some may be happy with 1.0 -
Feline1004 wrote: »Foxy-Stoat, thank you very much for taking the time. This is exactly what we needed 😃
If you can answer the questions you may get some hints/tips and whether the IVA is a good idea or not, and give you some comfort that you are doing the right thing.
Some folk went into an IVA thinking its the only option but only realised a few months or year into it that it wasnt the best move.0
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