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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.

Debt Solutions | IVA

Advantages and Disadvantages of an IVA

 

Advantages

Disadvantages

Once your IVA has been accepted, all further interest and charges are frozen

Agreeing to an IVA means that you are committing yourself to a 5 year payment plan

 

Your creditors will write off the remaining balance outstanding upon completion.

If you own your home, then you may have to re-mortgage in year 4 to release any equity for the benefit of your creditors. If a re-mortgage is not available the IVA can be extended for a further 12 months

 

Once your IVA is completed you will be debt free (excluding any secured creditors)

You could be made bankrupt if you fail to maintain your IVA payments without a valid reason

 

You will normally be able to stay in your home (you may have to agree to release equity in your home to improve the dividend to creditors however this would be fully explained to you prior to acceptance).

For the duration of your IVA you won’t be able to take out any further unsecured credit without the consent of your Insolvency Practitioner.

 

The IVA won’t jeopardise any reasonable assets you have. For example if you own a reasonable car and use this to travel to work.

 

Your IVA will adversely affect your credit rating for up to 6 years.

 

You are legally protected by the IVA terms. Once accepted your creditors cannot take further action providing you stick to the agreement.

 

The IVA period is longer than bankruptcy

If your circumstances change a new proposal (typically called a variation) can be put to your creditors to take the changes into account. For example a reduction in income or unemployment.

An IVA can last up to 5 years, whereas in bankruptcy a payments order can be made for up to 3 years

Your IVA will not be published in a local or National paper. Your friends and family need not find out.

 

IVAs appear on the Insolvency register

Business owners can continue to trade with an IVA.

 

 

There will be no requirement to declare that you have been bankrupt on any future loan applications.

 

 

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