Strangely for some, the prospects of gathering all necessary documentation necessary for an IVA can prove a task too far. Some find it difficult to track down their debts. Some perseverance or even detective skills may be required! Debts can be passed sold on to other companies and if we are not inclined to keep tabs on the post or inform of changes of address it’s not too difficult to lose control of where things are at. Credit reports are of course useful but aren’t always reliable.

Then we need bank statements for each account we have plus proof of income and if we are self-employed we need tax returns or some other evidence of past income and a forecast of future income. Homeowners need mortgage statements, and those in rented accommodation may need tenancy agreements.

There is then the anxious wait to see if creditors agree to the IVA. It can all take time, and if creditors are pushing, and especially if bailiffs become involved – it can all become too stressful. For some, bankruptcy appears simpler and for others the tried and tested “bury your head in the sand” approach is the fall-back position.

But – the daunting prospect of lining up all the necessary paperwork need not be so complicated. Even if the debts are hard to track down, devoting an hour or 2 to some phone calls and asking for statements etc can be very productive. After all, if the IVA is the right solution it is time well spent to line up the documentation and securing a legally bonding plan with an end point to becoming debt free!