IVA and Debt Help in St Albans - South Hertfordshire

Even in St. Albans, a city in southern Hertfordshire in England, people are striving hard to shred the burden of debt. The main problem in St. Albans is the mortgage repayment, which accounts for more than half of the entire debt problem in this city.

Secured loans such as mortgages summed to unsecured Credit from Credit Cards and Overdraft had created many difficulties to the citizen of St. Albans. In this guide we focus on unsecured debt, describing one of the main legally valid debt solutions in England.

An IVA (Individual Voluntary Arrangement) is one of the main solutions that can help people from St. Albans not only to come out of their unsecured debt but also helping them to retain their properties.

To apply for an IVA in St. Albans, the first step is meeting a debt solution organization and provide theme with your financial situation in details. They will calculate how much is your disposable income, and they will help you to find out your monthly payments that you will use to repay your Creditors without loosing your property and maintaining a minimum lifestyle.

The next step will be negotiating with your Creditors. For this, if you live in St. Albans you need to hire an Insolvency Practitioner (please note that many Debt Solution Agencies have their own IPs in house so you won’t need contact directly an Insolvency Practitioner in St. Albans). Your IP will act as your Nominee and do all the needful, namely: drafting your IVA proposal, putting up to the Court, getting it approved among your Creditors convincing them.

Once the process is complete and the Creditors agree upon the given IVA, it becomes active immediately. In this phase the IP act as a Supervisor who will work in a very impartial manner for either side.
He will strive to make the IVA successful and help the Debtor in St. Albans as well as the Creditors when required. The Debtor has to make the necessary payments on a monthly basis to the IP who in turn will pay the Creditors individually.

As a Supervisor, he will keep a regular track of the Debtor’s financial status, whether the payments are regular or not. Based on these observations at the end of the year he will write an annual review report.

This report is then submitted to the Court in St. Albans, which will make a note of it. If the situation of the Debtor has improved in the meantime, he will be asked to put in more money towards the IVA repayments.

In case of additional financial difficulties, the Debtor can request the IP to reduce the monthly payment amount (this process is called IVA Variation).

An IVA Variation must be voted by your Creditors, as is not binding. The normal procedure of voting takes place and the Creditors can vote against it. If that is the situation the Debtor has to continue with his previous commitment, otherwise the IVA is said to be a failure and the Creditors get the freedom to go for any legal action against the Debtor even using a Bankruptcy order.

If the Debtor is making his repayments on a regular basis for a time period as mutually agreed, the IVA is said to be a success.

A final report is prepared by the IP and submitted to the Court, which will provide a Completion Certificate in favor of the Debtor. Once it is issued, it indicates that the Debtor’s remaining amount has been written off.

IVA is a possible solution not only in St. Albans but also all over the UK because of many reasons.

  • It allows the Debtor to pay only that amount that he can afford to (minimum of 25% of his total debts).
  • He can retain his property and not liquidate it as would be in a Bankruptcy.
  • The monthly payment is affordable, based on Debtor’s circumstances.
  • The law protects him against any legal suit relating to his debt, including Bankruptcy Order and the horror of bailiffs sent by the Creditors.
  • He can continue doing his business, job or profession even as director of a company.
  • The IVA opted in St. Albans will not be disclosed to anyone other than the Debtor, Creditors and IP.

IVA Firms and Debt Help in St. Albans

There are many IVA service providers in St. Albans who can be contacted for a proper guidance. As a first step we suggest that you contact one of the many organizations listed below.

These Insolvency Practitioners in St. Albans are certificated, this means reliability and security guarantee. This resource comes from the "The Insolvency Service" archives, an executive agency of the United Kingdom's Department for Business.

Remember to contact al least three different IVA firms before applying for any service, so you can have a clear picture to base your decision.

We never take sponsorship for this kind of listing; our aim is to provide you with the most genuine and valuable information.Smile

If you prefer do not start dealing with a commercial firm you could opt for a registered charity. Their job is to provide you support in understanding your personal circumstances.

Keep in mind your rights and do not hesitate to ask questions. It your right:

  • To be clearly informed with all the costs involved.
  • To be made aware of all consequences, pro and cons of your debt solution.
  • To be acknowledged on how your mediator will deal with your Creditor and your IVA payments.
Company: FRP Advisory LLP
Address: 49 London Road, ST. ALBANS, Hertfordshire, AL1 1LJ
Telephone: 01727 811111
Fax: 01727 861052
Licensing Body:  ACCA
Email: peter.hollis@frpadvisory.com
Company: Mercer & Hole
Address: 72 London Road, ST. ALBANS, Hertfordshire, AL1 1NS
Telephone: 01727 869141
Fax: 01727 869149
Licensing Body:  ICAEW
Email: stevesmith@mercerhole.co.uk
Company: Begbies Traynor (Centra) LLP
Address: Charles House, Charles Street, St. Helier, ST. HELIER, JE2 4SF
Telephone: 01534 610 144
Fax: 01534 630 440
Licensing Body:  ICAEW
Company: FRP Advisory LLP
Address: 49 London Road, ST. ALBANS, Hertfordshire, AL1 1LJ
Telephone: 01727 811111
Fax: 01727 810057
Licensing Body:  IPA
Address: Tower Bridge House, St Katherines Way, St. Katharines Way, LONDON, E1W 1DD
Telephone: 020 7063 4000
Fax: 020 7063 4001
Licensing Body:  ACCA

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