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
What is an IVA and is it right for me?
If you struggling with significant debts, then an Individual Voluntary Arrangement or IVA may be the right solution for you.
An IVA is an alternative to Bankruptcy and is a legally binding agreement between you and your creditors, arranged and supervised by a Licensed Insolvency Practitioner (IP). Varden Nuttall will prepare the documentation to present to the IP. As long as 75% (by debt value) of your creditors accept the IVA proposal, you and your creditors are legally bound by the arrangement. You will need to make regular affordable monthly payments, usually for a term of 5 years after which the remaining balance of debt is written off.
An IVA could allow you to:
- As long as you are confident you can maintain your regular monthly payment then an IVA could be the solution for you and you could be debt free in 5 years or less.
- Avoid bankruptcy proceedings
- Reduce your monthly repayments by up to 70%
- Stop receiving hassle from your creditors
- Safeguard your property
- Only make one affordable payment each month
- Become free of debt within five years
However an IVA should not be taken lightly. Like many other debt products, they will appear on the publically accessible insolvency register and be on your credit file for six years. This will obviously impact your ability to access credit in any capacity. As such taking on an IVA should not be taken lightly – and Varden Nuttall – as insolvency practitioners will work with you to provide you with the solution that is right for you.