IVA consultation in Cambridge

IVA (Individual Voluntary Arrangement) in Cambridge is typically a reasonable solution for those debtors who are not in a position to repay their entire debt but can afford to pay a minimum amount.
It is considered to be a better option for those who are a step better in repaying their debts than those who go for bankruptcy. Unlike bankruptcy which is stringent and the after effects keep hovering upon for quite a long period, IVA is a much more less severe way to get rid of your debts.

The things that need to be seen for being eligible for an IVA in Cambridge are:

  • The debtor must be an individual, sole proprietor or a partner. Limited Companies are not covered under this category.
  • Debtor has an outstanding debt of at least £15,000.
  • The debt should be an unsecured debt without taking into account mortgages and other such secured loans.
  • There must be a minimum of 3 different creditors.
  • The debtor must have a minimum regular income.
  • The debtor must be able to pay a minimum of £200 towards his creditors every month.

IVA Process in Cambridge

The Insolvency Practitioner in Cambridge (IP) first assimilates all the information about the debtor, his assets and liabilities, reason for the debt, the capability of the debtor.

Based on this he prepares a proposal and gets the debtor’s approval. Once done, the same is informed to the Court. And then on, a copy will be sent to all creditors and a date fixed for a meeting.

On the said meeting date, amendments if required are made into the IVA proposal, and then voting takes place. If the proposal is accepted by at least 75% of the creditors, the same is notified to the Court and the IVA comes into force. If not a second round of negotiation and meeting takes place and a final decision is arrived upon.

Benefits of IVA in Cambridge

  • You need not pay the entire debt amount. A maximum of 3/4th of the debt is to be repaid and the rest could be written off permanently.
  • The mounting interest rate is immediately seized once the IVA comes into effect.
  • You can make the repayment in regular instalments over a maximum period of 5 years.
  • Once in the process, IVA proves to be a checkpoint where any legal actions requested by creditors would become ineffective. And you can obtain a Court order to this effect.
  • The period when the IVA is in effect, you have the benefit of maintaining yourself and family with the minimum day-to-day needs like food, clothing, utilities, phone, traveling facility, education of your children etc. And for this a reasonable minimum amount can be retained from your earnings, which would be discussed and negotiated with the creditors.
  • If the debtor is doing business in Cambridge, he can carry on with his business and the income thereon can be contributed towards the repayment as per the IVA.
  • Above all, it is more of a closed-door agreement and would not come out in the public unlike the bankruptcy, which will be published in newspapers.

Personal Debt Consultation Services in Cambridge

To facilitate the individuals to be aware of the available debt solutions and to properly make use of an IVA there are many Debt Charities and Professional Licensed Insolvency Practitioners who provide their services both online as well as in person in Cambridge.

They provide proper and complete guidance and consultation maintaining strictly confidential your circumstances as for their professional ethics.

Below are a couple of such charitable foundations:

The Citizens Advice Bureau is a Registered Charity that provides impartial financial advisers and guidance. Its field office is located at 9 Signet Court, Swann Road, Cambridge, CB5 8LA. Or you can go for more online details at their website at: http://www.citizensadvice.org.uk

The Debt Advice Foundation is a Registered Debt Advice Charity that is listed in the DirectGov and on the FSA (Financial Services Authority). They provide a professional, free and proper advice. It is also a member of AdviceUK. For obtaining any kind of debt related information, suggestion and guidance you can reach them through their helpline no. 0800 043 40 50 or go to http://www.debtadvicefoundation.org/debt-solutions/iva

Other professionals who are Licensed Insolvency Practitioners and provide consultations on IVA in Cambridge are. If you instead prefer visiting a commercial debt solution company, here we provide a list of certificated IP in Cambridge.

Normally the initial consultation is free and once the IVA is processed some charges and fees are involved. Usually the cost of an IVA is included in your monthly re-payments.

Company: Begbies Traynor (Central) LLP
Address: Sheraton House, Castle Park, CAMBRIDGE, CB3 0AX
Telephone: 01223 370 140
Fax: 01223 370 141
Licensing Body:  IPA
Company: Deloitte LLP
Address: City House, 126-130 Hills Road, CAMBRIDGE, CB2 1RY
Telephone: 01223 460 222
Fax: 01223 259 517
Licensing Body:  ICAEW
Company: Ensors
Address: Anglia House, 285 Milton Road, CAMBRIDGE, CB4 1XQ
Telephone: 01223 420 721
Fax: 01223 424245
Licensing Body:  ICAEW
Company: Grant Thornton UK LLP
Address: Byron House, Cambridge Business Park, Cowley Road, CAMBRIDGE, CB4 0WZ
Telephone: 01223 225662
Fax: 01223 225625
Licensing Body:  IPA
Company: Jeremy Barnett
Address: 32 Turnbridge Lane, Bottisham, CAMBRIDGE, CB25 9DU
Telephone: 01223 811 552
Licensing Body:  ICAEW
Email: jeremy.barnett1@btinternet.com
Company: Peters Elworthy & Moore
Address: Salisbury House, Station Road, CAMBRIDGE, CB1 2LA
Telephone: 01223 728222
Fax: 01223 461424
Licensing Body:  IPA
Company: Philip A Beck
Address: 41 Kingston Street, CAMBRIDGE, CB1 2NU
Telephone: 01223 367022
Fax: 0870 458 0620
Licensing Body:  ACCA
Email: pbeck173@yahoo.co.uk
Company: PricewaterhouseCoopers
Address: Abacus House, Castle Park, Gloucester Street, CAMBRIDGE, CB3 0AN
Telephone: 01223 460055
Fax: 01223 462111
Licensing Body:  ICAEW
Company: Stephen M Rout & Company
Address: 12 Signet Court, Swanns Road, CAMBRIDGE, CB5 8LA
Telephone: 01223 329392
Fax: 01223 329123
Licensing Body:  IPA
Company: Taylor Vinters
Address: Merlin Place, Milton Road, CAMBRIDGE, CB4 0DP
Telephone: 01223 423444
Fax: 01223 423 944
Licensing Body:  SRA

Additional Notes about this listing: Contact details for these IVA firms come from the Business Directory of UK. These firms are certificated Insolvency Practitioners. We do not accept money in order to be listed on this page, our aim is to provide the most relevant and genuine information to our readers.

We advise you that when looking at any debt solutions you read the terms of that product very carefully and if you are in any doubt you seek qualified independent financial advice. Make sure also you understand the costs involved with an IVA. Failure in your IVA agreement could force you go bankrupt.

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