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Important announcement regarding Varden Nuttall

Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.

The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.

Frequently Asked Questions (FAQ)

Is there any way of making a formal complaint against creditors who keep on contacting me?

The first action you should take after being contacted by a creditor is to inform your Customer Services Administrator at Varden Nuttall.

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When will my IVA finish?

Your IVA will finish when your Supervisor has issued a final report, and you are bound by the terms until this point.

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Can I miss a payment during the IVA?

Missing  payments is discouraged in all but the most serious situations, as it could  result in the failure of your IVA.

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Why do I need to fill in an RX1 form?

All of your unsecured creditors are included in your IVA once accepted and are legally bound by its terms but only the creditors that have voted at your creditors' meeting appear on the Chairman’s report.

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What is an Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is a legally-binding agreement between you and your creditors which promises to pay back as much as you can afford over a fixed period, which is typically only a percentage of your total debt. Your remaining debt is written off once your IVA has been completed. During your IVA, you are protected from legal action by your creditors. Your IVA is supervised by a licensed Insolvency Practitioner.

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Can I Get An IVA If I Am A Student

There are no formal rules in place that stipulate that a student can not apply for and be accepted for an IVA. The formal requirement of an IVA (Individual Voluntary Arrangement) is that you can make regular repayments to the creditors, and continue to repay the amount over the IVA term. If you do not earn very much income due to partaking in a full time course, the option of an IVA may be inappropriate as a solution. 

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Can my name be taken off the Insolvency Register?

No. The Insolvency Register exists for creditors to help them prove that you are in an IVA, and find the business address of your Supervisor.

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How To Settle an IVA

Many people in debt take out an IVA or individual voluntary arrangement in order to ease their financial situation by reducing their overall monthly repayments. 

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How will An IVA Affect My House?

There are no formal rules in place that stipulate that a student can not apply for and be accepted for an IVA. The formal requirement of an IVA (Individual Voluntary Arrangement) is that you can make regular repayments to the creditors, and continue to repay the amount over the IVA term. If you do not earn very much income due to partaking in a full time course, the option of an IVA may be inappropriate as a solution. 

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Will my IVA payments change?

Only if stated in the proposal (or any modifications stated in your Chairman's Report), or if your income or expenditure significantly changes.

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What happens if I receive redundancy money or an inheritance?

Windfalls  and inheritances are required to be paid into the IVA when they are received.

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Why do I have to sign and send back my Chairman’s Report?

Your Chairman’s Report contains modifications to the original proposal that were made by creditors when they agreed to your IVA.

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If someone has signed as a guarantor for one of my debts, are they liable for the debt?

Yes. Once they have paid the full outstanding balance of that debt, then they will act instead of that creditor as a creditor in your IVA.

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Will creditors ever extend my arrangement?

Creditors  cannot change the terms of an IVA after that IVA has been accepted.

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If I split up with my partner/spouse, can I split my IVA?

If your IVA is accepted on the basis that your partner or spouse is also in an IVA and making joint payments, then it is difficult but not unreasonable to split the two and make individual monthly payments.

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If creditors keep contacting me, is this harassment?

Not necessarily. In the vast majority of cases, a creditor will be contacting you  because they are unaware of the IVA.

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Are creditors entitled to send bailiffs to my home once my IVA has been accepted?

No.  Once you are in an IVA your creditors must communicate with your Supervisor only

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Why are my creditors still contacting me after my IVA has been accepted?

When your IVA is accepted, a copy of the Chairman’s Report is sent to all creditors. However, large companies such as banks and credit card companies often take time to process this and pass the information to their debt collection agencies.

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If I have extra money each month, if I pay it into the IVA – will my IVA finish sooner?

This depends on the exact nature of your proposal, and if you can afford to pay more than your monthly contribution then it is recommended that you discuss this with your Supervisor on an individual basis.

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After my IVA was accepted I received a call from a Bankruptcy company.  Why?

When you enter into an IVA, your name is entered onto the Insolvency Register and is publically accessible online for the duration of your IVA.

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Will I lose my house if I cannot obtain a re-mortgage?

If you are required to re-mortgage during the IVA and cannot, then there are often allowances to extend your IVA  with 12 payments of your same monthly contribution instead.

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How do I go about offering a full and final settlement?

Your  Supervisor will advise you on how likely your offer is to be accepted and, if it is reasonable, he may write to ask creditors whether they will consider it.

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Can I make a full and final offer to complete my IVA early?

Yes. If you are offered a lump sum by a friend or family member, then it is not uncommon for creditors to consider this as an early settlement payment, reducing the term of your IVA.

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When I receive my statements, the total outstanding still seems to be increasing even though I am paying my IVA, I thought all interest was frozen, why doesn’t it decrease?

Due to the Consumer Credit Act, your creditors  are required to supply you with regular statements of your debt as it stands,  including interest and charges. However, this is not the claim that will be  accepted for the purposes of your IVA.

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As I earn extra money, can I pay some into the IVA as I receive it rather than waiting until the review has been conducted?

Yes, at your discretion you may make early  payments to cover any future Income Reviews.

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Do the Income Review payments reduce the duration of the IVA?

No. Income Review payments are occasionally made due to significant increases in income;

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Why do you ask me to prove my income/expenditure during the IVA?

The Supervisor is required to collect evidence of your income and expenditure on an annual basis to ensure that you are paying the correct amount into the IVA.

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If my income or expenditure change will my payments also change?

Often yes. The idea of an IVA is that you pay as much as you can reasonably afford. Your proposal (and any modifications by creditors listed in the chairman's report) will clearly state how much you are expected to pay if your income increases, and any flexibility you may have with your monthly payments in case of emergencies.

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If I have a joint debt in an Individual Voluntary Arrangement are creditors allowed to chase the other person for the debt?

If the other person is also in an IVA then the creditors cannot chase them. 

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When will my creditors be paid?

Your proposal (and any modifications by creditors listed in the chairman’s report) will state exactly how often your creditors will be paid, but this is typically once every 3 months.

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What happens if my Individual Voluntary Arrangement fails?

If you are unable to meet your monthly IVA payments and you are unable to agree an alternative offer with your creditors, then your Supervisor may be  required to fail your IVA.  

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Is it true that I can end up paying more than I owe?

You will only be asked to pay more than originally agreed if your income significantly increases or if you receive a windfall, i.e. inherit money during the course of the IVA.

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What happens if my income reduces?

If you cannot afford to pay your full contributions, then you must tell your Supervisor immediately. If there is a genuine reason such as a change in income, then the Supervisor may write to your creditors to request a reduction in your contributions. The creditors understand that circumstances can change and are generally sympathetic in such situations, but may require an extension to the IVA or a compromise in return.

 

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How do I rebuild my credit rating?

All of your unsecured creditors are included in your IVA once accepted and are legally bound by its terms but only the creditors that have voted at your creditors' meeting appear on the Chairman’s report.

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Not all of my creditors are listed on my chairman’s report. Are they all included?

All of your unsecured creditors are included in your IVA once accepted and are legally bound by its terms but only the creditors that have voted at your creditors' meeting appear on the Chairman’s report.

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