Anderson Brookes


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0800 1804 933

An IVA is an agreement made between you and your creditors, that allows you to repay a reduced percentage of your debts, usually over 5-years.

Under the terms of the IVA you will make a single monthly payment that you are able to afford for the period of the arrangement; at the end of the IVA term you will be debt free.

Unlike a debt management plan, the IVA is legally binding meaning that your creditors cannot try to re-negotiate at a later stage. Also, further interest charges and late payment fees will be stopped.

Self Employed IVA

Self Employed business owners can also qualify for IVAs. The process is the same as an employee, however most business debts and tax debts can be included in the voluntary arrangement.

How is an IVA arranged?

Anderson Brookes will help you to prepare a Financial Statement. In preparing your statement, we will identify your total debts and help prioritise those requiring immediate attention. We will also calculate what you can afford to pay to your creditors each month, based on your income and expenditure.

We will then put your case forward to our Licensed Insolvency Practitioner. We will help you deal with any questions the Practitioner has before drafting your IVA proposal.

Once your proposal has been drafted, you decide if you wish to proceed with the IVA. If so, the Insolvency Practitioner will handle all future communication with your creditors.

Urgent Debt Problems?

If you have been threatened with bailiffs, repossession, bankruptcy or a statutory demand, please call us free on 0800 1804 933; it is vital that you take advice whilst you still have options available.

Benefits of an IVA

  • You make one single monthly payment.
  • All Legal Action against you is stopped.
  • Your debts are written off in 5-years or less.
  • Interest and charges frozen.
  • The agreement is legally binding on your creditors.

Disadvantages of an IVA

  • Your credit file may be adversely affected
  • If the arrangement fails there may be a risk of bankruptcy
  • Home-owners may need to release equity from their property or extend the IVA for 12-months
  • Existing lenders may not approve the IVA
  • The IVA will only help with unsecured debts

What to do now

Call Anderson Brookes free on 0800 1804 933 for a confidential discussion about your debts and see how we can help.

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Anderson Brookes Ltd

Anderson Brookes Ltd provides advice to individuals, business owners and company directors that are struggling with debt. Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority; our registration number is 669796. You can confirm our details on the FCA website www.fca.org.uk. Anderson Brookes Ltd is a limited company registered in England and Wales; company registration number is 4213701. You can read more about the services provided by Anderson Brookes Ltd by visiting OUR SERVICES. A printed copy of our Initial Disclosure Document will be provided to you before any Instructions are accepted from you. You can request a copy at any time by calling 01204 255 051. Some of the services provided by Anderson Brookes Ltd are not regulated by the Financial Conduct Authority.

Anderson Brookes Insolvency Practitioners Ltd

Anderson Brookes Insolvency Practitioners Ltd is a limited company registered in England and Wales; company registration number is 10324159. Registered office address is 4th Floor, Churchgate House, Bolton, Lancashire BL1 1HL. Brendan P Hogan is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Licence Number 101680.