Is my home in Glasgow is protected during an IVA or PTD?

IVA is your best bet for protecting your home in Glasgow. It can protect your property and assets against bankruptcy and charging orders if you keep to your Individual Voluntary Arrangement repayments without fail. If you do fail in your IVA repayments, there are terms in the IVA which says your creditors can move to declare you bankrupt.

For homeowners with serious debt problems, IVA or PTD as it is called in Glasgow offers significant advantages compared to other debt management options. It gives an option to be debt free with manageable repayments in a maximum time of 5 years with the provision of protecting your home at the same time from getting absolved by your creditors.

Another advantage is that you will have enough money to pay your mortgage now with an IVA, since IVA repayment plan is made after considering all your monthly payments like mortgage, utility bills, etc. An IVA let you plan your monthly budget more efficiently than before so that you have lesser chance to default on any of your payments.

As the IVA or PTD has legal standing, your creditors no longer can take any legal action including any move in Court against your property unless you lapses in your IVA repayments. You do not have to constantly worry about your creditors going against you and finally ending up losing your home.

You need to be clear about one thing though, that an IVA in Glasgow is no way an escape from paying off your debtYou creditors are ready to write off your debt only after making sure that they are getting as much as possible from you during five year term.

So if you happen to own any property your creditors will definitely want you or expect you to release equity from the property so that they are able to get more debt collected from you as possible.

As a standard procedure of the IVA, your home or property will be valued in the final year of the IVA and if there is equity available, you could need to release this as well by re-mortgaging your property. It is possible that you will have difficulty in getting a mortgage with your bad credit rating in which case there is also a possibility of your IVA payments to be extended for further time so that the creditors can be compensated fairly.

If you stick to your IVA plan in Glasgow, it is highly unlikely that it will fail, but if it does fail under any circumstances, the consequences will be extreme.
You could be forced into bankruptcy if there is equity available in your property. If this happens, your property will be put for sale to compensate the creditors with the equity obtained from the sale.

You will have to enter into IVA only after considering all the consequences and most importantly your commitment towards keeping to the agreed repayments.
If you are unsure about this or if you do not want to release the equity from your property under any circumstance, an IVA may not be the best option for you as a solution for your debt. You will have to look for other options to dissolve your debt.

There are many IVA advisors in the Glasgow area that can help you with your debt problems. It is mandatory that you declare all your debts while your IVA is being set up.

It is wise to be honest completely as it is your chance to be debt free from all your creditors with this single set up. Since only 75% of the creditors need to agree to the IVA to be effective, it is your best chance to deal with even your tough creditors who were not willing to cut any slack for you under any circumstance.
With an IVA, even if they are against it, they will have no choice but to abide by the IVA that has been approved by your other creditors.
There have been instances where even 50% of the debts have been written off with an IVA.

List of Insolvency Practitioners (IPs) in Glasgow

Many IVA firms in Glasgow area have helped many people deal with their debts very efficiently without losing their home or any property.

In this list we provide you with IVA firms with a licensed Insolvency Practitioner. Please remember, this list has not been sponsored, the data come from The Insolvency Service.

For a list of no for profit debt charities visit our Debt Help section.

Name: Mr ALEXANDER GARDNER TAGGART
Company: AG Taggart & Co Ltd
Address: Suite 10, Garscadden House, 3 Dalsetter Crescent, GLASGOW, G15 8TG
Telephone: 0141 274 2044
Fax: 0141 2045
Licensing Body:  ICAS
Email: sandytaggart@supanet.com
   
Name: Mr DAVID JAMES MACLAY
Company: Bannerman Johnstone Maclay Ltd
Address: 213 St Vincent Street, GLASGOW, G2 5QY
Telephone: 0141 243 2747
Fax: 0141 248 3250
Licensing Body:  ICAS
   
Name: Mr DAVID JOHN HILL
Company: BDO LLP
Address: 4 Atlantic Quay, 70 York Street, GLASGOW, G2 8JX
Telephone: 0141 249 5253
Fax: 0141 248 1653
Licensing Body:  ICAS
Email: david.hill@bdo.co.uk
   
Name: Mr IAN SCOTT MCGREGOR
Company: Begbies Traynor (Central) LLP
Address: 3rd Floor, Finlay House, 14 West Nile Street, GLASGOW, G1 2PP
Telephone: 0141 222 2230
Fax: 0141 222 2330
Licensing Body:  ICAS
   
Name: Ms MAUREEN ROXBURGH
Company: Buchanan Roxburgh
Address: Queens House, 19 St Vincent Place, GLASGOW, G1 2DT
Telephone: 0800 294 6442
Fax: 0141 221 5498
Licensing Body:  IPA
   
Name: Mr ROBERT MUNRO DALLAS
Company: CAMBPELL DALLAS LLP
Address: Titanium 1, King's Inch Place, GLASGOW, G51 4BP
Telephone: 0141 886 6644
Fax: 0141 886 2773
Licensing Body:  ICAS
Email: bob.dallas@campbelldallas.co.uk
   
Name: Mr GORDON CHRISTIE
Company: Christie Griffith Corporate Limited
Address: First Floor, 196 Bath Street, GLASGOW, G2 4HG
Telephone: 0141 225 8062
Fax: 0141 225 8065
Licensing Body:  ICAS
Email: gordon@christiegriffith.co.uk
   
Name: Mr BRIAN W MILNE
Company: Deloitte LLP
Address: Lomond House, 9 George Square, GLASGOW, G2 1QQ
Telephone: 0141 204 2800
Fax: 0141 314 5895
Licensing Body:   
   
Name: MS FIONA MCKERRELL
Company: DLA Piper Scotland LLP
Address: 249 West George Street, GLASGOW, G2 4RB
Telephone: 08700 111 111
Licensing Body:  LSS
Email: information@dlapiper.com
   
Name: Miss FIONA LIVINGSTONE TAYLOR
Company: Ernst & Young LLP
Address: George House, 50 George Square, GLASGOW, G2 1RR
Telephone: 0141 626 5000
Fax: 0141 626 5003
Licensing Body:  ICAS
   
Name: Mr BRYCE LUKE FINDLAY
Company: Findlay Hamilton
Address: 50 Darnley Street, Pollokshields, GLASGOW, G41 2SE
Telephone: 0141 418 0306
Fax: 0141 418 0307
Licensing Body:  ICAS
   
Name: Ms ANNETTE MENZIES
Company: French Duncan
Address: 375 West George Street, GLASGOW, G2 4LW
Telephone: 0141 221 2984
Fax: 0141 221 1624
Licensing Body:  IPA
   
Name: Mr HENRY CLARK SEDDON
Company: Gerber Landa & Gee
Address: 11/12 Newton Terrace, GLASGOW, G3 7PJ
Telephone: 0141 221 7446
Fax: 0141 248 2469
Licensing Body:  ACCA
Email: harry.seddon@gerberlandagee.co.uk
   
Name: Mr ROBERT CAVEN
Company: Grant Thornton UK LLP
Address: 95 Bothwell Street, GLASGOW, G2 7JZ
Telephone: 0141 223 0000
Fax: 0141 223 0001
Licensing Body:  ICAS
   
Name: Miss LINDA HASTINGS
Company: Hastings & Co (Insolvency) Ltd
Address: 82 Mitchell Street, GLASGOW, G1 3NA
Telephone: 0141 221 5761
Fax: 0141 248 4781
Licensing Body:  ICAS
   
Name: Mr DONALD I MCNAUGHT
Company: Johnston Carmichael (Scotland) Ltd
Address: 227 West George Street, GLASGOW, G2 2ND
Telephone: 01224 252 850
Fax: 01224 252 851
Licensing Body:  ICAS
Email: dmcnaught@invocas.com
   
Name: Mr ALAN STUART MURRAY
Company: Kapoor & Murray
Address: Unit 21, 6 Harmony Row, GLASGOW, G51 3BA
Telephone: 0141 440 2332
Fax: 0141 440 2773
Licensing Body:  ICAS
   
Name: Mr KENNETH GEORGE LE MAY
Company: Kenneth Le May
Address: 45 Hope Street, GLASGOW, G2 6AE
Telephone: 0141 248 8339
Fax: 0141 248 2231
Licensing Body:  ICAS
   
Name: Mr BLAIR CARNEGIE NIMMO
Company: KPMG LLP
Address: 191 West George Street, GLASGOW, G2 2LJ
Telephone: 0141 300 5588
Fax: 0141 204 1584
Licensing Body:  ICAS
Email: blair.nimmo@kpmg.co.uk

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