Debt Narrative?

[mateus]

Hi everyone. Just joined and wanted to say what a relief it is just to be in the company of people in similar situations. I'm just trying to get an IVA off the ground and naturally want the application to look as proffessional as possible. I'm a little worried about the debt narrativethat my practitioner has asked me to write.

Having acquired these debts over the last 10 years, i'm a little vague on what the money was spent on and in some cases when the loan / card etc was taken out.

I was wondering if anyone has any guideline to this as I really don't want an IVA rejected on grounds of getting this wrong.

Many thanks

Lee

[Viki.W]

Hey Lee, welcome to the forum. Just be honest. If you don't know the exact dates, don't worry, your IP can get this information. Try and remember why you took the loans out - consolidation, house improvememts etc, and then why you are struggling - job change, divorce, ill health, gambling, overspending. Your IP should be able to send you a list of the things to include. Good luck, I thought that was the hardest part. Viki X

[abc]

The best way to do this is to list all your creditors and put an explaination next to each one. eg
Credit card (name of card) - general living costs etc
Loan (name of creditor) - new windows
etc

The creditors are more interested on how they are going to be repaid and how much rather than the explanation where their money has gone!

[mateus]

Thanks for the replies. That's helped already really.

[MelanieGiles]

I tend to work on the basis of the following:-

1 When did you first start borrowing money
2 What was the money used to purchase or fund
3 When did you start finding it difficult to meet the repayments.
4 What were the reasons for the difficulties
5 What steps did you take to try and deal with the situation? - ie were additional borrowings sought
6 What efforts have you made to try and negotiate a restructured repayment plan with your creditors.

This might help jog your memory a little.