IVA problems in Leeds

As the world is moving fast, people are trying to keep in pace with it. In this mad race, unknowingly the people are getting into stringent financial situation. Debt is such a dangerous trap in which people can easily get into but quite difficult to come out with a scratch. The debt problem has not left anyone untouched. And that is what most of the citizens of UK, especially the people of Leeds, West Yorkshire, are facing today.

To provide solution for these debts ridden people of Leeds, there are many Debt Advice Agencies. And the Government of UK too is keeping a vigil eye on the situation. After an analysis it found that the rate of bankruptcy is increasing alarmingly and looking at the amount of pending debts bankruptcy, in most cases was extreme. But people were left with no other option and that if there is a lesser stringent solution, people would be much better off. Hence, it put forth the scheme of IVA (Individual Voluntary Arrangement). And this has come as a great relief for the debt-ridden residents of Leeds.

If an individual in Leeds had a minimum amount of £15,000, as debt and feels that he cannot repay the entire amount, but the creditors pressurize him, then he can go for an IVA. As per the IVA, one is accepted as an insolvent but law becomes lenient on it because the person agrees to make the maximum possible payment on a monthly basis. His only request would be to waive of the rest of the pending amount and be made debt free. And this is what IVA also grants.
In IVA, the debtor’s financial status is analyzed well and the final disposable income is derived upon. This amount is then set as the minimum monthly amount to be paid by the debtor, in Leeds towards his debt repayment. Remember, this amount is derived after deducting all the expenses relating to the debtor’s living and sustenance. It would include his fooding, clothing, shelter and all utility bills. So the disposable amount is the amount that the debtor can afford to pay every month without much of a problem.

Based on this amount a proposal is structured that would be acceptable to the debtor. Once he signs it, it is submitted in the court at Leeds for information and in some cases to obtain an Interim Order that would act as a security for the debtor. Once that is obtained, the creditors cannot put forth any case against the debtor for their pending dues. The order and the copy of the proposal are then sent to all the creditors. Now to ascertain and obtain the acceptance by the creditors, they are asked to attend a meeting on a fixed date, which is normally in a fortnight to 3 weeks time after sending the proposal.

On the said date the debtor and the creditors meet in a particular place in Leeds and discuss on the conditions and payments and if there is in difference of opinion a casting of votes take place. If majority i.e. a minimum of 75% of the creditors vote in favor, the IVA is acknowledged as successful and then on it comes into effect.
When the due date of payment comes, the debtor has to make the payment every month. He need not go to every creditor individually and make the payment. The Insolvency Practitioner who becomes the nominee on behalf of the debtor and takes on the entire responsibility, from calculating to initiating and finalizing the IVA, becomes the supervisor and makes the individual payments to the creditors in Leeds. Hence, the debtor has to make only a single monthly payment to the IP.

Every year, the IP makes an annual review of the payments, the debtor’s status and other formalities and prepares a report. When the entire agreed amount is paid off, the same is intimated to the court by the IP. The court then provides a Certificate of Completion thereby approving that the debtor in Leeds is now completely free of the existing debt.
The debtor can now breathe fresh air as he gets a new lease of debt free life.
If you are a resident of Leeds and one such person in debt, then you can contact any of the Debt Solution Agencies operating in the locality. Below are a few of them to check upon.


Chamberlain & Co. 24 Aire Street, Leeds, West Yorkshire, LS1 4HT, 0113 2420808 You can call them on 0800 195 4585 or contact them at their email id at advice@chamberlain-co.co.uk or otherwise log on to http://www.chamberlain-co.co.uk/IVA_company_leeds/


Leeds Debt Advice Centre Suite 123, 57 Great George Street, Leeds LS1 3AJ. Can get in touch in person or through telephone on 0845 303 7403. For more information you can
Capital Financial Solutions, Regents Park House, 45 Byron Street, Leeds, West Yorkshire, LS2 7QJ, Tel: 0113 2237404

B W C Business Solutions, 8 Park Place, Leeds, West Yorkshire, LS1 2RU, Tel: 0113 2433434

Kroll, Wellington Plaza Wellington St, Leeds, West Yorkshire, LS1 4DL, Tel: 0113 3860800

Ratciffe, 1a Wellington Street, Leeds, West Yorkshire, LS1 4DL, Tel: 0113 2095721

West Riding Trade Protection Association, 16-17 East Parade, Leeds, West Yorkshire,
LS1 2BS, Tel: 0113 2467402

Robert K Addlestone, Kimberley Ho Woodhouse Sq, Leeds, West Yorkshire, LS3 1AD, Tel:0113 2457027

Manufacturers & Merchants, Regent Ho Skinner La, Leeds, West Yorkshire, LS7 1AX, Tel:0113 2451928

Consumer Debt Management, West Point Westland Sq, Leeds, West Yorkshire, LS11 5SS, Tel: 0113 2712888
Not only this, there are other such service agencies operating in UK who have branches at Leeds or even can provide with advice and assistance through telephone and their online services.
The UK Insolvency Helpline can be approached at http://www.insolvencyhelpline.co.uk/debt_advice_uk/leeds.php or through telephone at 0800 074 6918

Debt Advisory Line is a member of DEMSA (Debt Managers Standards Association) and can be contacted at 08001577254 or log on to http://www.debtadvisoryline.co.uk/

 

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