Do you live in Norwich and have debt? IVA is a possible solution

The second largest city in England, Norwich has a larger number of people with money difficulties which are unable to repay their debts. In the past Bankruptcy was their only possible solution.

Bankruptcy has been always considered severe, fortunately in the recent years other more soft viable options has been provided by the Government of the UK, one of these is an IVA.

An IVA or Individual Voluntary Arrangement is an alternative to Bankruptcy. This is an alternative option especially for those people into debt unable to repay the entire amount but with a steady income.

To apply their debt should not be huge and they must be willing to pay several monthly repayments based on their disposable income.

Why should one opt for an IVA solution in Norwich?

First of all IVA is a debt solution, introduced by the Government of UK and hence has a legally binding on both the debtor and the creditors.

If one has a minimum of £15,000 of debt but not a very high amount to put himself and all his properties to stake in a solution called the Bankruptcy, an IVA is a reasonable option. An IVA helps the debtor to retain his status and job or business and make the repayments slowly over a period of up to 5 years.

These payments are fixed on a monthly basis. This would serve a dual purpose. The debtor would be able to repay his debt easily and at the same time he would not be overburdened with it.

Though IVA is also a type of Insolvency, but it is a confidential one, which would not be put under the public scanner.

Once into an IVA the creditors are legally bound to stop any further follow-ups with the debtor regarding their pending dues. They cannot call up, demand or even threaten the debtor.

Unlike Bankruptcy, in an IVA the debtor is allowed to continue to do his business as director of a company, profession or job without the slightest hindrance.

The debtor can retain his house property, and a portion of his income for his day-to-day sustenance like food, house rent, clothes, local traveling, communication etc. and only the remaining amount are to be put up for repaying his debts.

IVA requirements in Norwich

First do a little homework and find out whether you meet all the criteria:

  • You must be having a minimum of £15,000 as debts that you owe to 3 or more different creditors in Norwich or any other city in the UK only.
  • These debts are unsecured loans like credit cards, personal loans, bank overdrafts etc.
  • You have a regular income and after taking out the minimum required for your minimum living expenses, you have a disposable amount of £200 per month.

An overview of the Process

If you fulfil this, approach a Licensed Insolvency Practitioner (IP) in Norwich and follow his advice. He would ask for all your financial details, the list of your creditors and the amount owed to them, your income, expenditure etc.

Based on this, your IP would calculate and find out how much you can afford to repay in total and how much can be set aside for making the monthly repayments and for how long it is to be done.

If you find it affordable and satisfactory, the IP will accordingly draft the agreement and you have to sign it. This will then be sent to the Court for approval and record.
When the Court approves it, a copy of it is sent to all the creditors and all of them are asked to meet on a particular day to decide on this agreement.

Some clarifications, modifications, additions are required, the same is done and a final consensus is reached upon. If all does not go in favor of it, a vote is held and if 3/4th of the creditors go in its favor, it is considered as as approved. The IVA comes into effect.

The IP then informs it to the Court in Norwich. The debtor then has to make a monthly payment to the IP who will in turn distribute it among all the creditors based upon the agreed amount for each of them.

The Insolvency Practitioner keeps a regular track of the payments, the income and expenditure of the debtor. He also makes an annual review and prepares an annual report of the status and submits it to the Court and all the debtors.

After the stipulated period is over, a final report is prepared and submitted to the Court, which after proper evaluation endorses the IVA as complete. It issues a ‘Completion Certificate’ to this effect.
The IP then informs the same to the creditors as well as the Credit Rating Agencies. The Individual Insolvency Register is duly updated with the status. And now the debtor is completely free of his debts.

Professional Help

We have listed some of this organization with their office in Norwich and surrounding areas. Below are some of them who have offices in Norwich, for your reference.

As usually we like to remind you that these firms are not our sponsors, and we never accept payments for these kind of listing.

The data is exported from the The Business Link Directory of UK (BLD) here are listed only certificated IVA Firms and debt charities in Norwich.

Company: Howes Percival LLP
Address: The Guildyard, 51 Colegate, NORWICH, NR3 1DD
Telephone: 01603 281 939
Fax: 01603 617 981
Licensing Body:  IPA
Company: Johnson Holmes & Co
Address: Towlers Court, 30A Elm Hill, NORWICH, NR3 1H6
Telephone: 01603 616331
Fax: 01603 664246
Licensing Body:  ICAEW
Company: Larking Gowen
Address: King Street House, 15 Upper King Street, NORWICH, NR3 1RB
Telephone: 01603 723605
Fax: 01603 667800
Licensing Body:  ICAEW
Company: Leathes Prior
Address: 74 the Close, Norwich, NORWICH, NR1 4DR
Telephone: 01603 610 911
Fax: 01603 760472
Licensing Body:  SRA
Company: McTear Williams & Wood
Address: 90 St Faiths Lane, NORWICH, NR1 1NE
Telephone: 01603 877 540
Fax: 01603 877 549
Licensing Body:  ICAEW
Company: Parker Andrews Limited
Address: 34-40 King Street, Norwich, NORWICH, NR1 1PD
Telephone: 01603 217 593
Licensing Body:  IPA
Company: PKF (UK) LLP
Address: Cedar House, 105 Carrow Road, NORWICH, NR1 1HP
Telephone: 01603 756914
Email: 01603 756950
Licensing Body:  ICAEW
Company: Smith Aston
Address: The Royal, 25 Bank Plain, NORWICH, NR2 4SF
Telephone: 01603 283630
Email: 01603 283625
Licensing Body:  ICAEW

IVA is a serious matter, the best is to ask professional advice to local debt charities or certificated Debt Management Companies.

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