What are the chances of IVA rejection in Leeds?

Once you are in serious debt, it is better to get advice from experts to effectively manage your financial situation. There are many options available to you dependent on your personal circumstances. An IVA in Leeds or Individual Voluntary agreement is a very reasonable option to manage your debt and become completely debt free in a period of 5 years.
It is one of the best options to get out of debt without having to worry about any legal actions and also without keeping accumulating other finance charges and penalties.

An IVA is a way to get a final settlement of debts with chances of some of the debts being written of by your creditors if you follow the IVA through its term diligently.

It is in many ways better than bankruptcy with the greatest advantage being that you can protect your home being absolved by your creditors. There is also the matter of privacy that is available during an IVA unlike bankruptcy.

When you are declaring bankruptcy, you are supposed to declare through a gazette notification in Leeds. There are no such restrictions when you are in an IVA and also you are under no obligation to inform your employer about your current financial situation unlike in bankruptcy. IVA is your biggest chance to get your debts written off and to move on with your life.

There is a certain procedure involved in getting the IVA set up in Leeds.

  • For an IVA to be initiated, your debs should be over £15000.
    If the debt amount is below this then there is a chance of your IVA to be rejected not just in Leeds but anywhere in the UK.
  • Another criterion is that you should be owing debt to at least three different debtors and also that you should have a steady monthly income.

If these criteria are not satisfied, it is highly likely that your IVA is rejected in Leeds.

It is also mandatory that 75% of your creditors approve the repayment plan put forward by the Insolvency Practitioner.
There is always a chance of rejection of your IVA if your creditors do not approve. There are many debt management companies in Leeds that have helped many people who are eligible for an IVA to be debt free.

Once you approach an IVA firm or independent Insolvency Practitioner in Leeds, you will be required to furnish all your financial records including your assets and income from all sources.

You need to set up the IVA only through a licensed Insolvency Practitioner to make sure that it has legal validity. You have to give a statement from your creditors stating the amount you owe them and it is better for your own sake that you list all your debts.

The practitioner will analyze your financial records and all of your debts. After careful consideration, he will lay out a plan that gives you the payment options for all your creditors.

A meeting will be called in Leeds with all your creditors and there will discussions and negotiations with them by your practitioner on behalf of you. If 75% of your creditors agree to the proposal, your IVA will be effective.

There will be a certain amount of debts that will be written off, but you will have to adhere to the plan for the full term, usually 5 years without fail for that to happen. If it works out as planned, it is your best solution for all your debt problems and you can be totally debt free after 5 years.

You have to remember that it is not an easy way out and the creditors will definitely try to get compensated from you as much as possible. If you own a property in Leeds, even though you are not required to sell it, you might be required to release equity from it so that the creditors get the maximum possible benefit.

The IVA can only be started when your creditors agree to the proposed IVA plan. There is always a risk that you do not get approval of the required 75%.

If your IVA gets rejected for some reason, your practitioner will reassess everything and come up with a new plan, but if it gets rejected again then you will have to explore other options to manage your debts or approach a different firm as there are many such firms in Leeds and you could get lucky with a new proposal from a new company.

In any case a good Insolvency Practitioner will be able to advise you properly regarding your other options in case your IVA gets rejected.

Insolvency Practioner in Leeds

Here below a list of licensed Insolvency Practitioners available in Leeds - Yorkshire and the Humber. This data was exported from the Business Link (public database). Please keep on mind we do not accept sponsorship for Insolvency Practitioners in this page.

Name: MR DAVID ROBSON
Company: ARMSTRONG WATSON
Address: Central House, 47 St. Pauls Street, LEEDS, LS1 2TE
Telephone: 0113 384 3840
Fax: 0113 384 3841
Email: david.robson@armstrongwatson.co.uk
Authorising Body: IPA
   
Name: Mr ADRIAN DAVID ALLEN
Company: Baker Tilly
Address: 2 Whitehall Quay, 2 Whitehall Quay, LEEDS, LS1 4HG
Telephone: 0113 285 5000
Fax: 0113 285 5285
Email: adrian.allen@bakertilly.co.uk
Authorising Body: ICAEW
   
Name: Mr BRIAN GREGORY TYRRELL
Company: Baker Tilly Restructuring and Recovery LLP
Address: 2 Whitehall Quay, LEEDS, LS1 4HG
Telephone: 0113 285 5000
Fax: 0113 285 5001
Authorising Body: IPA
   
Name: Ms Susan Berry
Company: BDO LLP
Address: 1 Bridgewater Place, Water Lane, LEEDS, LS11 5RU
Telephone: 0113 244 3839
Authorising Body: IPA
   
Name: Mr ROB SADLER
Company: Begbies Traynor (Central) LLP
Address: 9th Floor, Bond Court, LEEDS, LS1 2JZ
Telephone: 0113 244 0044
Fax: 0113 244 5820
Email: rob.sadler@begbies-traynor.com
Authorising Body: IPA
   
Name: Mr STUART JOHN FRITH
Company: Brooke North LLP
Address: Crown House, Great George Street, LEEDS, LS1 3BR
Telephone: 0113 283 3999
Fax: 0113 283 3999
Authorising Body: SRA
   
Name: Mr KEVIN ROY MAWER
Company: BTG GLOBAL RISK PARTNERS
Address: 9th Floor Bond Court, LEEDS, LS1 2JZ
Telephone: 0113 231 3629
Fax: 0113 231 3450
Email: Kevin.Mawer@btg-globalriskpartners.com
Authorising Body: ICAEW
   
Name: Mr GARY EDGAR BLACKBURN
Company: BWC BUSINESS SOLUTIONS
Address: 8 Park Place, LEEDS, LS1 2RU
Telephone: 0113 243 3434
Fax: 0113 243 5049
Email: gary.blackburn@bwc-solutions.com
Authorising Body: IPA
   
Name: Mr STEVEN GRAHAM BAILEY
Company: c/o PricewaterhouseCoopers
Address: Benson House, 33 Wellington Street, LEEDS, LS1 4JP
Telephone: 0113 289 4000
Fax: 0113 289 4460
Authorising Body: ICAEW
   
Name: Mr TIMOTHY CALVERLEY
Company: CALVERLEY HUGHES BRI LTD
Address: 7 Woodside Close, Morley, LEEDS, LS27 9HT
Telephone: 07834 783 181
Authorising Body: IPA
   
Name: Mr ANDREW MICHAEL LAYCOCK
Company: Carrick Read Insolvency
Address: 12 Park Place, LEEDS, LS1 2RU
Telephone: 0113 246 7878
Fax: 0113 243 9822
Authorising Body: SRA
   
Name: Mr MICHAEL CHAMBERLAIN
Company: Chamberlain & Co
Address: Aireside House, 24/26 Aire Street, LEEDS, LS1 4HT
Telephone: 0113 242 0808
Fax: 0113 242 0866
Authorising Body: ICAEW
   
Name: Mr PAUL CHARLTON
Company: CLARK BUSINESS RECOVERY
Address: 26 York Place, LEEDS, LS1 2EY
Telephone: 0113 243 8617
Fax: 0113 246 1753
Email: paul@clarkbr.co.uk
Authorising Body: IPA
   
Name: Mr WILLIAM KLAUS PETER BALLMANN
Company: Cobbetts LLP
Address: 1 Whitehall Riverside, Whitehall Road, LEEDS, LS1 4BN
Telephone: 0845 404 2404
Fax: 0845 404 2424
Authorising Body: SRA
   
Name: Mrs JACQUELINE WESTERMAN
Company: CONSUMER CREDIT COUNSELLING SERVICE VOLUNTARY ARRA
Address: 12th Floor, Tower North Central, Merrion Way, LEEDS, LS2 8PA
Telephone: 0845 674 0039
Fax: 0113 308 9061
Email: jackiew@cccsva.co.uk
Authorising Body: IPA
   
Name: Mr DAVID LEIGHTON COCKSHOTT
Company: D L Cockshott
Address: 15 Ilkley Hall Mews, Ilkley, LEEDS, LS29 9SH
Authorising Body: IPA
   
Name: Mrs DAWN LESLEY CHADWICK
Company: Dawn Chadwick Insolvency
Address: Woodview Cottage, 72 Whitehouse Lane, Great Preston, LEEDS, LS26 8BJ
Telephone: 0113 287 1114
Fax: 0113 287 1166
Email: dawn@dawnchadwick.co.uk
Authorising Body: SS
   
Name: Mr ADRIAN PETER BERRY
Company: Deloitte LLP
Address: 1 City Square, LEEDS, LS1 2AL
Telephone: 0113 292 1748
Fax: 0113 244 8942
Authorising Body: ICAEW
   
Name: Mr COLIN IAN ASHFORD
Company: DLA Piper UK LLP
Address: Princes Exchange, Princes Square, LEEDS, LS1 4BY
Telephone: 0113 369 2315
Fax: 0113 369 2399
Authorising Body: SRA
   
Name: Mr EDWIN JAMES KIRKWOOD
Company: EJK ASSOCIATES LIMITED
Address: Kidd House, Whitehall Road, LEEDS, LS12 1AP
Telephone: 0115 871 2940
Email: edwin.kirkwood@ejkassociates.co.uk
Authorising Body: ICAEW
   
Name: Mr GARRY WILSON
Company: Endless LLP
Address: 3 Whitehall Quay, LEEDS, LS1 4BF
Telephone: 0113 210 4000
Email: 0845 280 2411
Authorising Body: ICAEW
   
Name: Mr JONATHAN SUMPTON
Company: Ernst & Young LLP
Address: 1 Bridgewater Lane, Water Lane, LEEDS, LS11 5QR
Telephone: 0113 298 2411
Email: 0113 298 2206
Authorising Body: ACCA

You can also have an impartial advice from one of the many debt charities in Leeds, one of the main ones is The Consumer Credit Counselling Service (CCCS).

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