How to save your IVA in Liverpool from failure?

IVA is a opportunity for anyone who had gotten into a debt situation over £15000. After going through all the procedures and finally getting an IVA approved, it would be really unfortunate need an IVA variation.

IVA Variation happens when under extreme circumstances the Debtor is not able to comply with the Individual Voluntary Arrangement agreement. Such situation has to be reported to the IVA Practitioner immediately and your IP will in turn notify the Creditors; a new meeting will have to be convened to arrange a new agreement.

Fortunately there are many respectable IVA firms and debt charities in Liverpool, with good experience in IVAs and IVA Variations. Choosing an Insolvency Practitioner for your IVA in Liverpool is important, he will support you all the way through your IVA application.

You will be paying most of your income to your IP that will distribute it among your Creditors according to the signed IVA. If you foresee any changes that could affect your monthly incomes even slightly, it is always better to intimate your IP immediately.

If there is a drop in your monthly income, your IVA payments will definitely be affected as you will not be spared with much. After your Liverpool Insolvency Practitioner gets informed, he will have to notify your Creditors of the changes proposing an IVA Variation.

Your Creditors are under no obligation to agree to any changes to the already IVA. So they could reject your IVA Variation. This time as in the first meeting, 75% of the Creditors will have to agree to the new formula as well.

If the Creditors reject the new proposal, you won’t be in a position to continue your IVA and you could get into more legal trouble.

There is every chance that your Creditors could go ahead with a legal action now that you have failed with your IVA. This is the reason you should be committed to continue with your Individual Voluntary Arrangement as much as possible.

For reasons that are out of your control, if you have reached a state that you will be failing to make the payments, contact your IP and explain the reason truthfully and in detail so that you have a better chance with your Creditors.

Typically an IVA in Liverpool lasts for up to five years as in other cities in the UK and because of this long period, there is always a possibility of such variations. Unless your reasons are genuine, Creditors will not agree for an IVA Variation.

Remember that it takes the approval of a majority of your Creditors to enter into an IVA and the process is not always very easy. Another fact is that an IVA will have an impact on your Credit History and failing on an IVA will only make worst the situation.
Your Credit Rating will continue to be affected for six years which is five years IVA period plus and additional year. If there is any variation in an IVA, the Credit Rating will continue to affect for an additional time as well.

The IVA criteria in Liverpool is the same as anywhere else in the UK.

You have to be extremely careful while you are in an IVA period. If for any reasons you relocate out from Liverpool, you must notify your Insolvency Practitioner and make sure your payments are not affected.

If you run a business in in Liverpool, it may not be the time for taking any risks that could affect your monthly income. If you are employed, you should not give any reason for your employer to be unhappy, make sure your job is at no risks.

You have to consider your IVA as your lifesaver and you should not do anything that could put your IVA in jeopardy. To be on an IVA means you are protecting your property from your Creditors, deviate from your initial agreement could put your house at risk.

If your reasons are completely genuine, you can try your luck with your Creditors through your IP and come up with an Individual Voluntary Arrangement Variation (a new proposal) that recalculate your monthly payments based on your current financial situation.

List of accredited Insolvency Practitioner in Liverpool

Find an accredited IVA firm or a licensed Insolvency Practitioner in Liverpool could not be an easy task.

In this list we have selected only qualified IVA Practitioner in Liverpool following the The Insolvency Practitioner Directory (Business Link). We also make a selection based on many feedbacks from different IVA Review web site.

Please note it is not a complete list of all IPs available in Liverpool or Merseyside. Our website provides impartial and genuine advice; this list is not being sponsored.

Apart from IVA firms and IPs, you could also opt for free advice using a registered debt charity in Liverpool. In any case, an initial consultation is typically free of charge, but make sure you have ahead all the cost involved in the process. As a fact, an IVA has been never for free and you need to pay attention to its pros and cons.


Address: 5th Floor, Horton House, Exchange Flags, LIVERPOOL, L2 3PF
Telephone: 01695 711 200
Fax: 01695 712 220
Licensing Body: ICAEW
Company: Begbies Traynor (Central) LLP
Address: No 1 Old Hall Street, LIVERPOOL, L3 9HF
Telephone: 0151 227 4010
Fax: 0151 227 4009
Licensing Body:  IPA
Company: DSG Duncan Sheard Glass
Address: Castle Chambers, 43 Castle Street, LIVERPOOL, L2 9TL
Telephone: 0151 243 1200
Fax: 0151 236 1430
Licensing Body:  ICAEW
Company: Grant Thornton UK LLP
Address: 1st Floor, Royal Liver Building, LIVERPOOL, L3 1PS
Telephone: 0151 224 7200
Licensing Body:  Licensing Body
Company: Parkin S Booth
Address: Yorkshire House, Yorkshire House, 18 Chapel Street, LIVERPOOL, L3 9AG
Telephone: 0151 236 4331
Fax: 0151 255 0108
Licensing Body:  IPA
Company: PKF (UK) LLP
Address: 5 Temple Square, Temple Street, Churchill Way, LIVERPOOL, L2 5RH
Telephone: 0151 237 4500
Fax: 0151 237 4545
Licensing Body:  ICAEW
Company: PricewaterhouseCoopers
Address: No 8 Princes Parade, St Nicholas Place, LIVERPOOL, L3 1QJ
Telephone: 0151 227 4242
Fax: 0151 227 4575
Licensing Body:  ICAEW
Company: Rooney Associate
Address: 2nd Floor, 19 Castle Street, LIVERPOOL, L2 4SX
Telephone: 0151236 9999
Fax: 0151 236 9777
Licensing Body:  IPA

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