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.
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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
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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:
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Evidence of Name
one of the following documents required for each person:
Evidence of Address
one of the following documents required for each person:
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*These items can only be used as proof of address if they have NOT been used as proof of name.
Banking Considerations
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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.
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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
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Read though our association’s guide for additional peace-of-mind and clarity: Is a Voluntary Arrangement right for me? |