My proposal included the provision that I had to sell/realise other assets – what do I need to do?

Sometimes the agreement requires the sale of certain assets [1] or the surrender of insurance policies etc.

It is your responsibility to ensure that this process is undertaken. You will normally have 3 months to sell or realise these assets but you should check the agreed terms to ensure that you comply with the timing obligations.

In relation to the sale of assets you would be advised to commence the process as soon as possible since failure to hand the proceeds to the Supervisor could result in a default of the arrangement. If at any stage it appears that you will be unable to meet the commitment you should contact us as soon as possible so that the impact on the IVA [2] is minimised.

For surrender of financial products you should contact your provider and they will be able to advise you of the process.

Upon receipt of these funds they should be sent to us as soon as possible and no later than the date set in the IVA.