What happens when my IVA ends in London?

An IVA or Individual Voluntary Agreement is an effective and manageable debt management solution available to individuals and small businesses. It was initially launched by the government to help out small businesses but was later amended to include help for individuals as well.

London being the capital city of the UK has people from all economic backgrounds. For people who are in serous debt troubles, an IVA is a very reasonable option available to all those in the UK including those who live in London.

It is usually set up by an Insolvency Practitioner in consultation with your Creditors and will come effective only if you get 75% of them to agree to the repayment plan set up by your Insolvency Practitioner.

An IVA is a valid and legal set up if it is set up by a licensed practitioner. There are certain eligibility criteria that should be met to get the IVA initiated. These are that your debt should be over £15,000, you should have a minimum steady monthly income that can contribute to the IVA and that you should owe your debt to at least 3 different Creditors.

If you stick to the IVA plan, which usually is set up for 5 years, you not only will be debt free, but also any remaining debt at the end of 5 years will be written off by your Creditors.

It is one of the best mechanism to resolve your debt without having to worry about legal actions from your Creditors or other finance charges getting accumulated.

The usual misconception about an IVA in London is that all your monthly income will have to be contributed to the IVA. But the fact is when your Insolvency Practitioner set up the IVA, there will definitely be provisions left for your basic living expenditure in London including the mortgages that you may have. With an IVA your property is safe from your Creditors, this is one of the reasons IVA is usually a better option than bankruptcy.

Once you complete your IVA in London after 5 years or in some cases sooner, you will be issued a certificate which says that you have successfully completed the IVA term and is free from all those Creditors.

If you are committed to getting yourself out of debt, it is not that difficult to complete an IVA, because it is just 60 payments in 5 years. After you have made your last and final payment, there will be certain procedure to be completed before your completion certificate is issued.

Your Insolvency Practitioner and your Creditors will make sure that you have made all the payments without fail, you have released any equities that you were supposed to pay to the Creditors, and any dividends that you were supposed to be made to the Creditors are also done.

After all these are verified you will be issued with the certificate that says you do not owe anything to any of your Creditors in London. This protects you also from any further legal action that could have brought up by any of your Creditors for any remaining debts. Your credit score at the Credit Bureau will start to improve after a year and you can begin to lead a normal life.

Usually the IVA ends in London after 5 years, but it is possible to end it earlier if you need or choose to do so. There is a certain procedure that you need to follow to end your IVA earlier than agreed in the initial proposal.

If there is an increase in your income during the period of your IVA, you should notify your IP about that. Your IP will in turn work out a new payment plan which needs to be approved by your Creditors and you will be paying more money to your Creditors monthly which will help you end your IVA earlier than 5 years or the time sets in the initial proposal.

You might get lucky and win a lottery or able to manage some money from a third party or even get your inheritance. All these could help you end your IVA early. You are supposed to notify your IP of any such acquisition of wealth and he would have to work out the IVA according to that. Any such payments that you make to your Creditors has to be done only through your Insolvency Practitioner in London.

The IVA is an agreement that is binding legally and any changes to it will have to be done only through proper channels to retain its validity in London.

To make sure this debt solution is the best option in your specific case, we advice you to consult a debt expert. Comparing the available options and understanding of the legalities involved is a necessary step, so ask questions and make sure you understand in details your financial status.

In the table below we provide you a list of licensed Insolvency Practitioners available in London. This data comes from the public database Business Link.
Please keep on mind we never accept sponsorship for list IP in this page.

Visit this page for more information on how to start an IVA.

Name: Mr PETER TERRY
Company:  
Address: 8 Salisbury Square, LONDON, EC4Y 8BB
Telephone: 0207 311 4263
Fax: 0207 694 3139
Licensing Body:  ICAEW
   
Name: Mr JAMES ROBERT DRUMMOND SMITH
Company:  
Address: 21 Elm Park Mansions, Park walk, LONDON, SW10 0AN
Telephone: 07825 832353
Fax: 0207 5873 8517
Licensing Body:  ICAEW
   
Name: Mr ARUN KUMAR SHARMA
Company: A K Sharma & Co
Address: 15 Greystoke Park Terrace, Ealing, LONDON, W5 1JL
Telephone: 0208 997 5184
Fax: 0208 566 7379
Licensing Body:  ICAEW
   
Name: Mr ALAN STUART BRADSTOCK
Company: Accura
Address: Langley House, Park Road, East Finchley, LONDON, N2 8EY
Telephone: 0208 444 2000
Fax: 0208 444 3400
Licensing Body:  ACCA
   
Name: Mr HASAN IMAN MIRZA
Company: AGAssociates
Address: CMB PARTNERS, 34 Ely Place, LONDON, EC1N 6TD
Telephone: 020 8544 4147
Fax: 020 8544 4303
Licensing Body:  ICAEW
   
Name: Mr NINOS IOANNOU KOUMETTOU
Company: Alexander Lawson Jacobs
Address: 1 Kings Avenue, Winchmore Hill, LONDON, N21 3NA
Telephone: 020 8370 7250
Fax: 020 8370 7251
Licensing Body:  ACCA
   
Name: Mr SHAGUN S DUBEY
Company: Alix Partners
Address: 20 North Audley Street, LONDON, W1K 6WE
Telephone: 0207 098 7435
Fax: 0207 098 7401
Licensing Body:  ICAEW
   
Name: Mr GORDON COLIN STEWART
Company: Allen & Overy LLP
Address: One Bishops Square, LONDON, E1 6AD
Telephone: 020 3088 0000
Fax: 020 3088 0088
Licensing Body:  SRA
   
Name: MR Paul Kinrade
Company: Alvarez & Marsal Europe Ltd
Address: 1st Floor, 16-18 Finsbury Circus, One Finsbury Circus, LONDON, EC2M 7EB
Telephone: 020 7715 5200
Fax: 020 7715 5201
Licensing Body:  IPA
   
Name: Mr STEPHEN JOHN EVANS
Company: Anthony Batty & Company LLP
Address: 3 Field Court, Gray's Inn, LONDON, WC1R 5EF
Telephone: 020 7831 1234
Fax: 020 7430 2727
Licensing Body:  ICAEW
Email: stephen@antonybatty.com
   
Name: Mr HARJINDER SINGH JOHAL
Company: Ashcrofts
Address: 601 High Road, Leytonstone, LONDON, E11 4PA
Telephone: 0208 556 2888
Fax: 0208 556 8886
Licensing Body:  SS
Email: harjinderjohal@ashcrofts.net
   
Name: Mr JOHN MICHAEL FRANCIS
Company: Association Of Business Recovery Professionals
Address: 8th Floor, 120 Aldersgate Street, LONDON, EC1A 4JQ
Telephone: 020 7566 4200
Fax: 020 7566 4224
Licensing Body:  IPA
   
Name: Mr JOHN RICHARDS
Company: Athene Place
Address: Floor 5, 66 Shoe Lane, 66 Shoe Lane, LONDON, EC4A 3BQ
Telephone: 0207 007 6233
Fax: 0207 007 0799
Licensing Body:  ICAEW
   
Name: Ms RUTH ELLEN DUNCAN
Company: Atherton Bailey
Address: Mynott House, 14 Bowling Green Lane, Clerkenwell, LONDON, EC1R 0BD
Telephone: 020 7253 7171
Fax: 020 7253 7371
Licensing Body:  IPA
Email: ruth.duncan@athertonbaileymaidstone.com
   
Name: Mr DINESH MAPARA
Company: B & C Associates
Address: Trafalgar House, Grenville Place, Mill Hill, LONDON, NW7 3SA
Telephone: 020 8906 7730
Fax: 020 8906 7731
Licensing Body:  IPA
   
Name: Mrs SHIRLEY ANGELA JACKSON
Company: B N Jackson Norton
Address: 1 Gray's Inn Square, Gray's Inn, LONDON, WC1R 5AA
Telephone: 020 7405 3000
Fax: 020 7831 2187
Licensing Body:  IPA
Email: sjackson@bajacksonnorton.com
   
Name: Mr IW JACK
Company: Baker & McKenzie
Address: 100 New Bridge Street, LONDON, EC4V 6JA
Telephone: 020 7919 1700
Fax: 020 7919 1999
Licensing Body:  SRA
   
Name: Mr CHRISTOPHER PURKISS
Company: Baker Till Restructuring & Recovery LLP
Address: Century House, 5 Old Bailey, LONDON, EC4M 7AF
Telephone: 020 7002 8600
Fax: 020 7002 8891
Licensing Body:  ACCA
   
Name: Mr David Griffin
Company: Baker Tilly
Address: 25 Farringdon Street, East, LONDON, EC1A 2AY
Telephone: 0203 2018000
Fax: 0203 2018001
Licensing Body:  IPA
Email: david.griffin@bakertilly.co.uk

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