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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.

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.

Assuming that your IVA completes  successfully, the accepted claim will be the debt as it stood at the date your  IVA was accepted.  The remaining balance  including the additional interest will be legally written off.