Free IVA help in Kingston upon Hull

If you are one of the residents of Kingston upon Hull and into crushing financial difficulties and fully dipped in debt and are not in a position to repay it fully, then you must seek immediate debt advice from any of the many professionals who are operating in Hull and also elsewhere.

You can either seek in person, over telephone or through their online services. You must be thinking that the telephonic conversation would become costly if it is somewhere outside Hull and also the consultation fee would be high, which you cannot afford. It is not so, because these service professionals have not only the facility of free telephones but also do not charge anything for the consultations. Only when you are through with a formal solution and it is implemented do they charge a fee.

But before going for a consultation for an IVA in Kingston upon Hull, check out the following points:
1. Do you owe to your debtors more than £15,000 and it is all unsecured debt?
2. Are there more than 3 debtors?
3. If not the entire debt amount, whether you will be able to pay back a considerable amount, say a minimum of 25% of your debts?
4. Whether you are an individual, proprietor or a partner of a business?
5. Whether you have a regular income source or not and whether you have some surplus amount, a minimum of £200 per month (after deducting your minimum sustenance expenses)?
If the answer to all the above is a ‘yes’ then you can go for the best debt solution and that is an IVA (Individual Voluntary Arrangement). This is a scheme introduced by the Government of UK and hence has a legal binding on all those concerned. It is applicable to all strata of the society in in Kingston upon Hull as in the rest of UK. In this:
The debtor has the option of repaying the maximum affordable amount on a monthly installment basis over a period of up to 60 months.

He need not communicate with the creditors directly. Once the IVA is initiated the Insolvency Practitioner who would be drafting and initiating it, would act as the Nominee for the debtor and he will act as Intermediary. This will help avoid unpleasant situation to the debtor while communicating with the creditors.
The debtor’s assets will be secure and untouched.
Once the IVA is initiated, the creditors cannot pester the debtor for repayment, nor can they knock the door of the law, provided the debtor is punctual in his agreed upon repayment. They cannot even go for filing a bankruptcy against the debtor.

The interest on the debts would stop growing, as it is one of the conditions of the IVA to freeze the interest rate.
If the debtor is a businessman he can continue his business. If he is a professional, he will NOT be debarred from it and he can enjoy his status as usual.
The Insolvency of the debtor is not declared publicly. It is kept confidential between the debtor and creditors. This saves the debtor from embarrassing social situations when his friends, relatives and social circles come to know of his insolvency.

The credit rating will last only for a period of maximum 6 years from the date of the IVA coming into effect.
Even the creditors normally prefer the IVA because :
They are assured of return of some of their debts, where there was no room for any payback.
Since it is legally binding, in case the debtor defaults, the matter can be taken up to the court of law.
The creditors have the benefit of filing for tax relief on the rest of the bad debts
Creditors get a comparatively higher amount as dividends.

Process of Initiating an IVA in Kingston upon Hull
Once the Insolvency Practitioner (IP) is satisfied that the debtor is eligible for an IVA, he informs the debtor of it and then on a proposal is drafted with the necessary information, clause etc. The debtor reads and signs it, which is then filed in the court, to obtain an Interim Order. Once, this order is out, the creditors cannot file any suite against the debtor. The copy of the resolution and the order is sent to all the creditors, requesting them to attend a meeting on a fixed date. These creditors get together on that date and discuss and if needed, request to make certain amendments, which if the debtor agrees, can be made. Then a voting is done to know whether the creditors agree to the IVA or not. If there is a 75% in favor, the IVA comes into effect and the same is informed to the court.

Then on, the debtor makes a single payment of the agreed monthly amount to the IP. The IP then retains a part of it as a fee for himself and distributes the rest among the creditors. And the process continues till the agreed period. Once the term is successfully complete, the IP informs the court and the ‘Credit Reference Agencies’ who then changes the status against the IVA in the Credit Report of the Debtor to ‘Completed”.
Now the person is a debt free person who can start his financial life afresh.

There are many IVA firms operating in Hull to serve the people in debt. You can contact them for a consultation about your debt problems:

Kingston Debt Solutions Ltd, 76 / 78 Lowgate, Hull, HU1 1HP.Free Phone. 0800 91 55 318. For Mobile contact : 01482 218 500. Online Contact http://www.kingstondebt.co.uk/

Easy Debt Solutions, Sutton Fields Ind Est/Oslo Rd, Hull HU7 0YN, United Kingdom Tel: +44 800 019 1274 ‎
Or call upon the Helpline Agencies whose services include the city of Hull. One such agency is The UK Insolvency Helpline. Contact them at 0800 074 6918 and for more details see http://www.insolvencyhelpline.co.uk/debt_advice_uk/kingston-upon-hull.php.

There is also the Debt Advice Helpline Hull. Log on at http://www.debtadvicehull.org.uk/iva-hull-ivauk-ivadebtsolution-ivaadvice.html or call them at 0800 169 1536

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