If you are planning to enter into an Individual Voluntary Arrangement (IVA), you will need to have a meeting set up with an insolvency practitioner (IP) to discuss your case. The IP will expect you to come prepared with all the information required to set up the arrangement because if there is anything missing or information is withheld, it can bring a halt to the arrangement.
The list of things you will need to provide include:
- Information on who you owe money to and debts
- Proof of income
- Information on what is held in savings accounts
- Bank statements
- Information about mortgages or rent
- Information on any assets you own
- Your monthly budget listing your incomings and outgoings
The information provided above will give your IP the information they need to reach an agreement between you and your creditors over what you can reasonably be expected to pay each month.
It is vital that all the information you submit is honest and truthful and you don’t withhold important information. Even though it might seem like a good idea to protect assets or hide income, the consequences can be quite severe and end up with you getting a prison sentence in extreme cases.