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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, Paul Boyle of Harrisons Business Recovery and Insolvency Limited and Ben Woolrych & Phil Pierce of FRP Advisory LLP, act as agents of the Company and without personal liability. Paul Boyle, Ben Woolrych and 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.

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.

An IVA could be made available to you if you are able to keep up a timely payment plan and sustain this for the duration of the IVA. The Insolvency Practitioner (IP) that you deal with to carry out your IVA (Individual Voluntary Arrangement) should be able to offer advice on a case by case basis, as to whether the IVA solution is the best option for you.

In order to apply for the IVA, you may have a better chance of being accepted if you can gain help towards repaying the IVA from a third party such as a family member, partner or friend. This may convince your insolvency practitioner that you will be able to keep up the repayments.

An alternative to an IVA could be a full and final settlement, this is where you pay one lump sum fee that pays off all the creditors and then leaves you with the rest of the debts written off. This may be easier to sustain as a student, as this is a one time payment rather than an on going plan.

If you are already currently in an IVA programme, but you now want to start studying you need to assess the implications that this will have upon your IVA. If you cannot afford to continue to repay the normal Iva repayment amounts, you must notify your insolvency practitioner (IP) and inform them of your change of circumstances. The insolvency practitioner will inform your creditors of the change of circumstances, and may be able to renegotiate the terms of the IVA, and reduce the monthly repayment amount. In order to go into full time education, you insolvency practitioner may need evidence as to why you need to go into full time education right at this moment in time, rather than waiting until the end of the IVA term.

There is an option, under these circumstances to become bankrupt. If you are already in an Iva (Individual Voluntary Arrangement) it is possible to stop paying the IVA, causing the IVA to fail, at this point you could declare yourself bankrupt. An IVA can help with debts, however an IVA cannot include a student loan as part of the debt.

If you are seriously considering taking out an IVA or if you already have an Iva but are looking at reducing your income or changing your circumstances by becoming a full time student, it may be advisable to speak to a properly trained and qualified professional. An insolvency practitioner can offer helpful advice on which avenues are available to you in your circumstances.

An IVA can help with debts, however an IVA cannot include a student loan as part of the debt.

Varden Nuttall are a fully licensed insolvency practitioners that have qualified staff that may be able to help you. To find out more info visit Varden Nuttall at