Top-notch IVA services in Salisbury

Salisbury too, like any other city in the whole of UK, is being haunted by the ghost called ‘debt’ for which IVA is the best solution. While in boom time people gladly took away loans for many purposes and mainly for construction of house property with a confidence that they will repay it in time with the given amount of ample disposable income But situation isn’t t the same. Unexpected slashes in the economic front, curbing employment rate, increasing cost of living, together have thrown out of gear the life of the residents of Salisbury. They are frantically searching for alternative ways like the IVA to come out of the burden of the debt that has stolen away their peace of mind and giving them sleepless nights.

To give succor to these citizens of the country the government of UK had introduced the noble scheme of an IVA, which if properly implemented would not only save the debtors from their debts, but help creditors too, to get back at least some of their debts back, where they stand to loose everything. Since IVA is beneficial to both parties, it has got a grand acceptance among most of the debtors and creditors.

What exactly is an IVA in Salisbury?
IVA or Individual Voluntary Arrangement is a voluntary step taken by the debtor to convince the creditors about his inability to pay the entire debt amount. And at the same he also comes forward to pay the maximum amount that he can afford to but in small amounts every month for a period of maximum 60 months.
Since IVA is a government scheme valid in Salisbury, it is mandatory that the entire process has to be done through a Licensed Insolvency Practitioner who will initially act as the Nominee for the debtor and once the IVA is implemented he acts as the Supervisor who will be impartial and work for the benefit of both the debtor and the creditors.

The first step towards initiating an IVA is to seek the advice of a Debt Services who will lead you through with the right advice. If the IVA is found as a suitable solution for your debts, the next step begins in which a calculation is made which will show how much money you can keep aside every month for repaying the debts, for how long you can make the payments and the maximum total amount that you can repay over the fixed time period. If you find it agreeable you sign it and send it through.

The IP will then file it in the court for endorsement. The court checks the details, investigates and cross checks the same and if found bona fide will approve it. Then, in some cases, an Interim Order is required, especially if there is any legal case filed against the debtor for the pending debts. Once the order is got, the legal cases are stayed. The creditors are duly informed along with a copy of the report and the order. A date is fixed when all the creditors are required to gather up to discuss and finalize on the IVA proposal. They may come up with some modifications, which, if acceptable by the debtor can be carried out. And then a voting takes place to find out whether the creditors are agreeable to the IVA in Salisbury or not. The creditors have three choices – to vote in favor, against it or abstain from voting. If 75% of the creditors agree to it, the IVA is considered as successfully approved. Once approved, those who did not vote or voted against it are also bound by its terms and conditions.

The IP then prepares the report along with the outcome of the Creditors Meeting and submits it to the court with a copy forwarded to all the creditors.
The debtor is then required to begin his monthly payments, which he has to make through the IP who will now act as the Supervisor of the IVA. It is the responsibility of the IP to make the individual payments to the creditors and the amount is decided based upon their total due payment.

When the debtor has made regular payments and the agreed period is complete, the IP prepares a report to this effect and submits to the court, which will the issue a Completion Certificate. This means the remaining debt has been wiped off from the personal records of the debtor and now he is debt free.

There are many debt service agencies in Salisbury who can give you a viable IVA solution. One such agency is Middleton Partners, 65 St. Edmunds Church Street, Salisbury, Wiltshire, SP1 1EF or call at 01722 435190
Begbies Traynor, 65 St. Edmunds Church Street, Salisbury, Wiltshire, SP1 1EF, Tel: ­01722 435190
These apart, there are many National Helplines services who operate throughout the UK over telephone and online with or without their physical offices present in your locality. They will link you to one of the Licensed IPs in your locality.

Once such Service Agency is The UK Insolvency Helpline. Reach them over phone at 0800 074 6918 or for a clear picture about the company, its services and the IVA log on to

Yet another such helpline is Debt Free Advice at that would provide you with free advice and lead you through the proper way for a debt free life.
Wiltshire Citizens Advice – South, 18 College Street, Salisbury, Wiltshire
SP1 3AL Tel: 0844 375 2775, 0300 456 8375 (from mobiles), Fax: 01722 410262, Email: Web site:

Post a comment