Getting IVA Documentation in Leeds

As one of the fast growing cities in UK, Leeds has a lot of debt management companies and there are lot of companies that specializes in IVA. There are specialized practitioners called insolvency practitioner to help you set up your IVA Individual Voluntary Arrangement. There are lots of discussions, meeting and negotiations involved in the process and you will be charged for the service rendered. There are, of course lots of paper works also involved in the process. The practitioner will ask for a variety of documents to analyse your financial situation and come with a proposal that is suitable for you and your creditors. There will be some standard forms that you will be required to fill up apart from furnishing other documents. As it is a government approved process, IVA has complete legal validity and it is definitely a good option for those with debts over £15000. There are many websites offering IVA services in Leeds area and you can suit the best one with some research.

One of the most important documents that you will be required to furnish are the letters from all your creditors stating the amount you owe them. The letter should also have your account number for reference. This is the base document your debt analyser will be working with. Another document that is required is the mortgage statement. Your most recent mortgage statement is needed for the practitioner to see how much you owe and how much is your monthly payment so that he can work out the IVA depending on that. If you have a vehicle, and you owe any outstanding amount to the dealer or any financial institution, you should produce the latest statement from them as well. You have to show the original agreement for reference. Your income statement is another important document and you need to submit monthly statements for at least 3 months. The salary statement you produce should be of the most recent months’ statements. Even if your partner is not involved in the debt and the debt is incurred totally by you, your partner should also produce the income statement. If you own any property, you should get your property valued and produce the valuation statement to the IVA firm. If you are unable to get your property valued, you can also furnish the valuation paper of any similar property in your area. You might be required to submit a statement from your side stating the reason for being in such a debt situation.

After considering all the above documents, the Insolvency Practitioner comes up with a payment plan that includes payment for all your debtors monthly for a period of up to 5 years, your mortgage payment, utility payments and any other expenditure that you might have. There will definitely be no room for you to indulge in any luxurious activities during this time as you will not have that much spare cash left after all your payments. During the term of the IVA, if there is any variation in your monthly income, you are supposed to notify your IP insolvency practitioner who in turn will adjust the payments. If there is any increase in your salary, you will have to increase your monthly payment to your creditors as well. It is important that you furnish as much information as possible and also state your reasons for the debt clearly and in detail so that your creditors will give you more chance to get the IVA accepted. If you are planning to move from Leeds, you are supposed to let your IP know of that and make sure your payments do not fail under any circumstance.

After the practitioner comes up with the proposal, you will be given the proposal for your consideration and more importantly a meeting of all your creditors will be called so that they can assess the proposal. There will be lots of negotiations with each of the creditor and finally the proposal will be put for voting. If you are lucky and get the acceptance of 75% of the creditors, you can get your IVA approved. Your worry is half over once it is approved because you can be sure that you will be debt free in another 5 years and also that you need not worry about any legal proceedings from any of your creditor regarding any of your debts. None of the hassles that are involved in bankruptcy is there in IVA. There is no risk for any type of employment in Leeds for those involved in IVA as in the case of bankruptcy.


Resources:

1. Chamberlain & Co provides IVA help and are located Chamberlains & Co, Aireside House,
24/26 Aire Street Leeds LS1 4HT and can be contacted 0800 195 4585. More details can be found in their website http://www.chamberlain-co.co.uk/Chamberlain_co/
2. Geoffrey Martin & Co provides consultancy in IVA and is located in St Andrew House | 4th Floor 119 - 121 The Headrow | Leeds LS1 5JW. They can be contacted at 0113 244 5141. Visit http://www.geoffreymartin.co.uk/ for more details.

3. Carrick Read Insolvency provides IVA help and is located in 12 Park Place, Leeds LS1 2RU and can be contacted at 0113 246 7887. Check http://www.cri.co.uk/ for more details.

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