Statutory Debt Repayment Plan
Can’t decide whether a Statutory Debt Repayment Plan (SDRP) is right for you? Take a look at our article about the application process for an SDRP. It couldn’t be simpler.
How Begin The Application For an SDRP
How to Apply For a SDRP
After you have spoken to a member of our team and decided that a SDRP is the best option for you, your application will be passed over to a Drafter. At this stage of the process, all of your personal and financial details will be gathered in order to create your SDRP Proposal.
Your SDRP Proposal is a formal document that is sent to your creditors. This gives your creditors a complete picture of your circumstances.
What Information Will We Need For A SDRP?
During the application process, there are several documents that we will request.
Which information you are asked for will largely depend on your personal circumstances and as such, the following list is to be used purely as a guide.
There will also be a discussion regarding your other living expenses, such as food bills and travel expenses. This allows your IVA Drafter to determine your affordability, ensuring you don’t commit to an SDRP that isn’t appropriate for you.
We will ask you to provide:
- Photo ID
- Rent Agreement or Mortgage Statement
- Latest 3 Months of wage slips
- Latest 3 months of bank statements
- Council Tax and Utility bills
- HP agreement if appropriate
- Recent statements from any other creditors you may have.
Drafting My SDRP Application
Once all of the information has been gathered, your SDRP Drafter will then ‘draft’ your SDRP. This means that they will raise the legal documentation.
The Drafter will check through the information you have provided and will ensure that everything is in order to successfully proceed with your proposal, including making sure that all evidence of your cicumstances are available should your creditors request more details.
Creditors will occasionally question any spending that is above government parameters. This means that if your food bill is higher than average, your creditors may require justification for this.
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