The Paperwork, Question by Question
Exactly what to gather, and what to do if you are missing something.
What documents do I need to apply for an IVA?
There is no single official form, but your Insolvency Practitioner needs to evidence your full financial picture. In practice that means four things: proof of your identity and address, proof of your income, details of all your debts, and a record of your essential living costs. Gathering these in advance speeds the process up, though your practitioner can help you obtain anything you cannot find.
Do I need proof of identity and address?
Yes. You will usually need photo identification, such as a passport or driving licence, and proof of your current address, like a recent utility bill, bank statement or council tax letter dated within the last few months. These confirm who you are and that you live in England, Wales or Northern Ireland, where IVAs are available.
What income documents do I need?
You will need evidence of everything you earn. For employees, that is usually your last three months' payslips. If you receive benefits, bring the award letters showing what you get. Pensions, tax credits, maintenance and any other regular income should be evidenced too, so your practitioner can work out a fair, affordable monthly payment.
What if I am self-employed?
You will need a bit more. As well as personal bank statements, self-employed applicants are usually asked for recent business accounts or bookkeeping, your latest tax return or SA302, and sometimes business bank statements. The aim is to show a realistic average income, since self-employed earnings often vary month to month. Your practitioner will tell you exactly what they need.
What do I need about my debts?
A full list of who you owe and how much. The most helpful evidence is a recent statement for each unsecured debt, credit cards, store cards, catalogues, loans, overdrafts and any arrears, showing the balance and the creditor. If you are missing some, do not worry; your practitioner can often trace your creditors, and a credit report can help you list everything.
What do I need about my home and living costs?
Your practitioner needs to see your essential outgoings to work out what you can afford. Useful documents include your mortgage statement or tenancy agreement, your current council tax bill, and recent bills for utilities and other essentials. If you have a secured loan or hire purchase agreement, bring that paperwork too, as those debts sit outside the IVA.
Do I need bank statements?
Usually, yes. Your last three months' bank statements give an honest picture of your income and spending, which is central to working out an affordable, sustainable payment. They also help confirm the figures you have given. Most people provide these as PDFs or printouts, and your practitioner will tell you how many months they need.
What if I cannot find all the documents?
Do not let it stop you. It is very common not to have everything to hand, and a missing document rarely holds things up for long. Your Insolvency Practitioner can help you request statements, trace creditors and work from a credit report where needed. The important thing is to start the conversation; the paperwork can be gathered as you go.
How do I submit them, and is it secure?
You provide the documents to your Insolvency Practitioner, who is regulated and bound by data protection rules to handle them securely, and uses them only to prepare and run your IVA. Before sharing anything, it is reasonable to check the firm is legitimate and ask how your information will be stored. A free adviser can also talk you through what to expect.
