Gather Together The Required Infomation

While you are waiting for our paperwork to reach you, please collect and have ready the following infomation.

The sooner you complete and return our paperwork with the relavent infomation, the quicker we can take steps to reduce the pressure from your lenders and get you into an affordable arrangement.

Last 3 months wage slips (if employed) Up to date statements form all creditors Last 3 months personal bank statements Copies of any Hire Purchase/Lease agreements At least 1 Estate Agent valuation for your property (if owned) and up to date mortgage statement Also, if self-employed: Last completed set of formal accounts Management Accounts as up to date as possible Up to date statements form all creditors Copy of last-submitted Tax Return and most recent Inland Revenue Statement Copy of last 2 VAT returns and up to date statement of VAT oustanding Last 3 months business bank statements

A useful tool to help you is the Experian Credit Expert service. By signing up, you can use their 30 day free trial to check your credit file and list all your creditors. This will help identify all lenders who we can include within an arrangement, possibly some which you may not have considered or have forgotten about. Sign-up here: Free Experian credit report online⤴

As part of client identification and anti-money laundering regulations we will also require the following documentation:

Evidence of Name one of the following documents required for each person: Current signed Passport Current UK Photo Driving Licence Current signed Full UK Driving Licence (old style) State Pension or Benefits Book or notification letter Inland Revenue Tax notification Evidence of Address one of the following documents required for each person: Recent mortgage statement Current local authority Council Tax bill Bank/Building Society/Credit Union statement (bearing home address) House or Motor Insurance Certificate Utility Bill (excluding mobile phone) Current signed Full UK Driving Licence (old style)* State Pension or Benefits Book or notification letter* Inland Revenue Tax notification*

*These items can only be used as proof of address if they have NOT been used as proof of name.

Banking Considerations

If your current bank account; (a) is to be included in a voluntary arrangement, or (b) is connected by virtue of the same bank as a creditor you are including in the proposal, then it is highly recommended that you open another current account with a bank not connected to the banks to be listed in your arrangements.

It is recommended that you open a basic or “none status” account for your future banking requirements

Under banking offset rules, the banks are allowed to offset any funds you hold in one account against a debt for another banking product.

For example, your current account and credit card are provided by Bank A. You have a credit balance in your current account of £500 and a balance on your credit card of £2,000. bank A is within their rights to close the current account and transfer the balance against your credit card.

The ‘Current Account Switch Guarantee’ scheme has been introduced to make moving current accounts a simple and trouble free process. You wont need to rearrange your standing orders or direct debits, and the scheme also helps prevent any payments going stray and has other benefits. Many popular bank account can also be easily opended online.

Further Reading

Read though our association’s guide for additional peace-of-mind and clarity: Is a Voluntary Arrangement right for me?