Write off debts with an IVA in Nottingham

Many people of Nottingham have joined the mainstream of people suffering with debt. They are facing grave situations where they are unable to repay their debts and are on the verge of Bankruptcy.
Bankruptcy is a horror to one and all because of its serious effects that turns one’s life topsy-turvy. But when it becomes inevitable what other option do we have?

One of the alternatives of a Bankruptcy is an IVA in Nottingham.

An IVA (Individual Voluntary Arrangements) is a very wisely drafted debt solution available in Nottingham. It is a midway solution that is beneficial for the debtors as well as the creditors. It is an agreement with certain rules and conditions with formality and legalities.

The debtor normally puts forth an IVA, when he ultimately realizes that he can no more afford to repay all the debts that have accrued upon him.

How it will help the debtor come out of the debt burden?

  • It will help the debtor write off the debts usually up to 75% of his outstanding debts. This means he can become debt free legally, repaying his creditors.
  • With an IVA in Nottingham, the debtor can repay this amount slowly month after month, in small amounts over a period of maximum 5 years.
    Once the period is over and he has paid the minimum agreed amount he is free of debt and the rest amount is written off.
  • This amount he has to set aside from his regular income plus if there is any other disposable income, savings etc. that has to be pulled up to repay the debt.
  • The debtor will live with full dignity. He will not be deprived of his bare living expenses. He should set apart a fixed amount for this and the rest amount that he can afford to should be diverted towards his debt repayment

The law protects the debtor in many ways:

  1. Once the IVA is initiated in Nottingham, the creditors are asked to stop following up with the debtor. They cannot, in any way, pester the debtor for the outstanding dues.
  2. If a Bankruptcy case is filed, and before it’s processing the debtor initiates an IVA, the Bankruptcy case can be dropped. When applied for, the Court issues an Interim Order to this effect.
  3. There would be no more spiralling of the interest. Once the IVA is approved no interest can be applied to it for the next 5 years or the period for which the IVA is agreed upon.
  4. The current status of the debtor will be a strictly private issue and would not be declared in public. This helps the debtor to maintain his status in the society and even his close friends and relatives will not come to know about it.

The processes of an IVA in Nottingham

When one decides to go for an IVA, the first thing that he must do is consult a professional Debt Solution Provider or No-For-Profit Organization in Nottingham. And since IVA is a legal agreement, the case MUST BE handled by a Licensed Insolvency Practitioner ONLY.

When you go to the IP, he will ask for all your financial details that would include your income, assets, current debts, other liabilities, details of the creditors and the amount owed to them etc.

With these figures, he would find out whether an IVA would be suitable for you or not. If yes, he would also make the calculations on how much of the total debt you can repay, how much per month you need to set aside for the debt repayment and for how long you need to make the payments.

If you find it affordable and suitable and give your consent, the IP would formalize the agreement and you are required to sign it to make it complete. He would then file it in the Court and if required he will try to obtain an Interim Order.

Once the Court approves it, the creditors are informed accordingly and a copy of the IVA is sent along. After reading the IVA they are required to meet on a particular day and discuss and decide on your proposal.

If all creditors agree then it is fine. But if some do not agree, a voting is done to find out what the majority of them want. If 3/4th of them vote in its favor, the IVA is said to have been passed and the same is informed to the Court.

The debtor then has to make the monthly payment to the IP who would then disburse the payments to the creditors on the debtor’s behalf. And this continues for the rest of the agreed upon period.
Along with this, the IP would make regular check up with the debtor and see his income, expenses, pay slip etc. and ensures that he makes regular payments.

An annual review is done and an Annual Report is prepared and submitted to the Court and all the creditors.

When the said period is complete, the IP informs the Court who will then prepare a ‘Certificate of Completion’ of the debtor and hands it over to the IP.
Now the debtor is free from all the debts.

List of certificated Insolvency Practitioners in Nottingham

In this table we provide a list of IP available in Nottingham. Please note this information come from the official Insolvency Practitioner Directory (Business Link). We never accept sponsorship for appearing on this page.

Before applying for an IVA in Nottingham or Nottinghamshire make sure you aware of the costs involved, pro and cons, keep in mind an IVA is a formal legally binding agreement with your creditors.

Company: Actons
Address: 20 Regent Street, NOTTINGHAM, NG1 5BQ
Telephone: 0115 910 0200
Fax: 0115 910 0290
Licensing Body:  SRA
Company: Begbies Traynor (Central) LLP
Address: 6 Castlebridge Office Village, Castle Marina Road, NOTTINGHAM, NG7 1TN
Telephone: 0115 941 9899
Fax: 0115 945 4845
Licensing Body:  SS
Email: peter.blair@begbies-traynor.com
Company: Blades
Address: Charlotte House, 19B Market Place, Bingham, NOTTINGHAM, NG13 8AP
Telephone: 01949 831260
Fax: 01949 831960
Licensing Body:  IPA
Address: 14 Park Row, NOTTINGHAM, NG1 6GR
Telephone: 0115 958 0212
Fax: 0115 938 8042
Licensing Body:  ICAEW
Email: jamesl@cooperparry.com
Company: Deloitte LLP
Address: 1 Woodborough Road, NOTTINGHAM, NG1 3FG
Telephone: 0115 936 3714
Fax: 0115 936 3777
Licensing Body:  ICAEW
Company: Elwell Watchorn & Saxton
Address: Cumberland House, 35 Park Row, NOTTINGHAM, NG1 6EE
Telephone: 0115 988 6035
Fax: 0115 988 6135
Licensing Body:  ACCA
Company: KPMG LLP
Address: St. Nicholas House, 31 Park Row, NOTTINGHAM, NG1 6FQ
Telephone: 020 7311 4870
Fax: 020 7694 3533
Licensing Body:  IPA
Email: david.standish@kpmg.co.uk
Company: M1 Insolvency
Address: Cumberland House, 35 Park Row, NOTTINGHAM, NG1 6EE
Telephone: 0115 9886288
Fax: 0115 9886126
Licensing Body:  ICAEW
Company: Mazars LLP
Address: Cartwright House, Tottle Road, NOTTINGHAM, NG2 1RT
Telephone: 0115 943 5363
Fax: 0115 943 5300
Licensing Body:  SS
Email: philip.lyon@mazars.co.uk
Company: RSM Tenon Recovery
Address: The Poynt, 45 Wollaton Street, NOTTINGHAM, NG1 5FW
Telephone: 0115 948 9400
Fax: 0115 948 9676
Licensing Body:  ICAEW
Company: Tudor House
Address: 13 -15 Rectory Road, 13-15 Rectory Road, NOTTINGHAM, NG2 6BE
Telephone: 0115 9455300
Fax: 0115 945 5668
Licensing Body:  ICAEW
Fax: 0141 204 1584
Licensing Body:  ICAS
Email: blair.nimmo@kpmg.co.uk

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