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Umbrella Insolvency provide Individual Voluntary Arrangements (IVA) for individuals struggling with debt. An IVA can help you take control of your money and move on with your life.
Here are some of our client's IVA stories
Umbrella Insolvency provide Individual Voluntary Arrangements (IVA) for individuals struggling with debt. An IVA can help you take control of your money and move on with your life.
Zofia had unsecured debts of £8,878 and made a total saving of 46%
Zofia is a student studying Primary Education whilst working a part time job in a supermarket.
Her debts were made up of a loan, credit/store cards, payday loans and an unpaid phone bill. Due to her income being minimal she found it hard to manage her finances and now recognises she was mistaken in taking out too much credit.
Zofia was struggling to pay monthly debt repayments of £265 to loan, credit cards and payday loans.
Umbrella.uk were able to arrange an IVA and reduce this to an affordable £80 per month, with all interest and charges frozen.
After 60 months of paying this reduced amount, any remaining debts will be written off. On completion of the IVA £4,800 will be repaid and £4,078 will be written off.
Laura and David had unsecured debts of £210,697 and made a total saving of 55%
Laura is a Director of her own nursing company and David is an architect. Their money problems can be traced back to the liquidation of a previous limited company of which they were both Directors. As Directors they had given several personal guarantees and used their own personal credit to help the business. They are also homeowners and with the threat of losing with their house they recognised the urgent need to seek professional advice.
They were struggling to pay monthly debt repayments of £4,000 to personal loans and credit cards.
Umbrella.uk were able to arrange an IVA and reduce this to an affordable £1,300 per month, with all interest and charges frozen.
If the clients are unable to release equity in year 5 of the IVA then, after 72 months of paying this reduced amount, any remaining debts will be written off. On completion of the IVA £93,600 will be repaid and £117,097 will be written off.
Arran had unsecured debts of £21,552 and made a total saving of 40%
Arran is a Sales Manager whose money problems started 7 years ago following the separation from his wife and leaving the family home.
He was struggling to pay monthly debt repayments of £507 to loan, credit cards and payday loans.
Umbrella.uk were able to arrange an IVA and reduce this to an affordable £213 per month, with all interest and charges frozen.
After 60 months of paying this reduced amount, any remaining debts will be written off. On completion of the IVA £12,780 will be repaid and £8,772 will be written off.
*Your creditors will need to agree to your IVA, and monthly payments will be based on your individual circumstances. Your credit rating will be affected. Fees will be added to your IVA, but not charged additionally, and are subject to individual circumstances. Names and photos above have been amended to protect the client’s identities.
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Umbrella Insolvency provide Individual Voluntary Arrangements (IVA) for individuals struggling with debt. An IVA can help you take control of your money and move on with your life.
Q. Will my IVA be approved?
A. To be accepted, an IVA has to be agreed by more than 75% of creditors (by value) taking into account only those creditors who have decided to vote.
Umbrella follow the IVA Protocol, meaning that there is a high likelihood that your proposal will be accepted. With Umbrella’s experience, we will be able to advise you whether creditors are likely to accept your IVA after a FREE consultation over the phone. If we don’t think an IVA is right for you then we will help you secure alternative help.
Q. What are your fees?
A. IVAs can only be prepared by Licensed Insolvency Practitioner’s and subject to the agreement of all parties, Umbrella will deduct their professional fees from the payments that are made to your creditors.
IVA fees are made up of two charges. The nominee’s fee covers all work incurred by the Insolvency Practitioner preparing the IVA proposal and negotiating with your creditors on your behalf. This is usually the sum equivalent of the five monthly payments subject to a minimum charge of £1,000.
The second charge is the supervisor’s fee, which includes time spent on the ongoing management of an IVA and distributing the funds to creditors. It is usually calculated at 15 per cent of payments after the nominee’s fee have been paid. All charges are disclosed to you before the IVA begins and your creditors must approve those fees.
Finally, there are expenses which the IP has to pay to third parties and can include insurance, software licence and postage costs. These expenses will be taken from your monthly payments. These expenses cost around £800 per case.
See A Creditors Guide to Insolvency Practitioners Fees in Respect of IVAs
Q. Will an IVA have an effect on my credit rating?
A. An IVA will adversely effect your credit rating for 6 years after approval. One of the requirements of an IVA is that you do not apply for new credit during the contract term.
Q. What happens if my circumstances change once my IVA has been approved?
A. You will need to contact your IVA supervisor immediately who will work with you in trying to keep the arrangement in force. While every effort would be made to find a suitable solution, the creditors are under no obligation to accept varied terms. If you get an unexpected cash windfall of over £500 then this must be paid into the IVA for the benefit of your creditors.
Q. Are all my debts included?
A. An IVA covers unsecured debts like personal loans, credit cards and overdrafts. Many debts cannot be included under an IVA. These ‘priority debts’ include fines, student loans and child maintenance payments. Other debts that can’t be included are payments on your mortgage, secured loans and secured car finance. These debts still need to be repaid but they will be taken into account when judging the affordability of your IVA payments.
Q. Can an IVA help me avoid bankruptcy?
A. IVAs can help you avoid bankruptcy if you keep to the agreed terms. Failing to meet the terms can lead to bankruptcy proceedings being started against you which will put your home at risk.
Q. Will anyone be able to find out I have an IVA?
A. An IVA is recorded in a public register but there is no requirement to publish it in your local newspaper, unlike with bankruptcy.
Q. What will happen to my home?
A.Homeowners may need to release equity from their property to pay creditors and a remortgage may attract higher interest rates or, if no remortgage is possible, the IVA may be extended by 12 months.
Q. How much will I pay back each month to the creditors during in the IVA?
A.This will all be subject to your individual circumstances. A full review of your income and expenditure will be undertaken by Umbrella. Please note that there will be restrictions on your expenditure if you enter into an IVA.
Q. What happens at the end of my IVA?
A. If you comply with all of the IVA terms, Umbrella will issue a final report and a certificate of completion. The certificate can be sent to credit reference agencies who will then be able able to update their records accordingly.
Q. Where can I find out more about dealing with my creditors?
A. You can find out more about dealing with your creditors in a guide produced by the Insolvency Service.
You can also find alternative free debt advice organisations as recommended by Money Helper at https://www.moneyhelper.org.uk/en
For more information on what an IVA is see: https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/what-is-an-individual-voluntary-arrangement also R3, the insolvency trade body, have produced a publication R3_Dealing_with_money_worries_December_2020
If you think an IVA could help you with your personal debts – please call Umbrella Insolvency for a no-obligation, confidential review on 0800 611 8888 or email us at help@umbrella.uk
Here are just some of the creditors that Umbrella Insolvency can deal with
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