When you decide to look into a debt solution such as an IVA, there is certain paperwork that you should have in hand when you go to speak with an insolvency practitioner, the professional who can help you settle your accounts into a more manageable plan.  Knowing what paperwork you will need prior to even calling a company that handles IVAs will make your life considerably easier, especially during this stressful time of dealing with your debt.  Remember, you are not alone out there and there is a light at the end of the tunnel.  You just need to take it one step at a time. 

Here is a list of the paperwork that you will need in order to file an IVA.  This list is also handy for filing for a bankruptcy or applying for a debt consolidation loan, as many of the items will be needed for all three. 

• A property valuation report or some form of sales report that shows how much homes in your local area or on the same street you live on have been selling for. These sales reports can be obtained from your local real estate agent or from the newspaper.


• A copy of your annual mortgage statement or a letter from your landlord/landlady with the total amount of rent your have paid for the year. The mortgage statements are usually issued after December 31^st or March 31^st depending on your individual mortgage company's policies.


• An endowment policy surrender value, which you can receive from your insurance company by contacting them verbally and then with a written follow-up letter.


• A copy of your car finance or HP agreement and any current correspondence from the lender that shows how much you financed for the purchase of your vehicle.


• Copies of at least three consecutive paystubs for you and your spouse if you are married. This shows how much money is being brought into your home on a monthly basis, even if your spouse is not liable for the debt you are trying to settle.


• Letters and statements from all of the creditors you wish to file in your IVA that show how much you owe them, your current account number, and a reference number if applicable. If the most current amount owed happens to be on a collection letter, it's a good idea to have an older copy of your statement from the creditor that shows their account number, as collection agencies tend to use their own numbering system.


• A detailed letter explaining what led up to your current financial state, how your debt escalated from lack of employment, loss of incomes, illness, accident, etc. Be very specific and honest, because this letter will work to your advantage in helping convince your creditors to accept your repayment proposal.