Supporting You All The Way
Assistance With Starting An IVA
Getting the right advice when you start an IVA is vital. You need to know exactly what the agreement will mean for you and implications if your circumstances change in the future.
Expert Guidance
For Your IVA
Our assistance service will ensure you get off on the right foot. It offers the following:
• Review of your options to ensure an IVA is the right solution for you.
• Preparation of your income and expenses budget to ensure your IVA is based on a monthly payment you can afford.
• Completion of your Statement of Affairs which will form the basis of your IVA proposal.
• Support during your IVA. Come to us if you need advice while your IVA is in place
Direct access to your advisor
Our assistance service is provided by IVA expert James Falla.
We don’t operate a call centre. You get direct access to James. You can call him any time you have a question or need to discuss any aspect of your case and during your IVA.
Summary of our IVA
Assistance Service
Our IVA service covers far more than simply advising you about the IVA solution. It includes all of the following:
Review of your financial circumstances and alternative debt solutions
Before we help you start an IVA, we will conduct a thorough review of your financial circumstances and goals.
No one debt solution fits every situation. We will explain the different debt solutions open to you and the pros and cons of each based on your personal situation.
Most monthly payment IVAs last for 5-6 years. We want to ensure that fully understand the implications and its right for you before you start.
Preparing your income and expenses budget
Getting your income and expenses correct is a vital part of the IVA application process. It is the basis of establishing the monthly payments that you will pay into your IVA.
We will ensure your expenses budget is completed corrected and nothing is missed. As a result the Arrangement will be based on a monthly payment you can afford
Completion of your statement of affairs
Together we will review your financial situation and record everything in your statement of affairs document. This will be used in the preparation of your IVA proposal and agreement with your creditors.
Your Statement of Affairs will include details of your income, expenses, assets and debts. There will also be information about the background to your case.
We will collect documentation from you to confirm all the various information we put in the document.
Starting your IVA
Once you have reviewed and agreed all the information in your Statement of Affairs, this will be passed to our preferred IP (Insolvency Practitioner). They will want to speak to you to make sure you are happy to go ahead with your IVA. They will then draft your IVA Proposal which you will sign.
A copy of your IVA proposal will then be circulated to all of your creditors. They are normally given 2-3 weeks to review the document. At the end of this period, there is a meeting of creditors where your IVA is agreed. It will be accepted if 75% of your voting creditors (by value) accept it.
Your monthly payments start the month after your IVA is accepted. You will be able to decide the best day in the month for you to make your payment.
Why Choose
Wilmott Turner?
Choosing our IVA assistance service will mean you received direct support from James Falla.
James has been advising people about using an IVA to resolve their debt problems for over 25 years.
During this time he has built up a unique expertise of the process and what you can expect.
James has worked with hundreds of people with a wide range of backgrounds and problems. There is really very little that he has not seen and provided advice on.
The clients that James has already work with praise him for his quick response to any queries or concerns, his patience and reassuring style.
Don’t just take our word for it. Have a look at what some of the clients James has already worked with have to say: Read our Testimonials.
The Cost
Of An IVA
Our IVA Assistance Service is Free
We do not charge you for any of the advice we provide or for any work we undertake in assisting you with starting your IVA. You do not pay for our help with producing your income and expenses budget, your statement of affairs document or the drafting of your IVA proposal.
IVA Company Fees
Once your creditors accept your IVA, you must start to make your agreed monthly payments.
Your IVA Company - more specifically the Insolvency Practitioner (IP) assigned to your case - can then deduct their standard fees from the payments you make.
These fees are as follows:
• Nominee Fee
This fee is taken to cover the cost of proposing and agreeing your IVA proposal with your creditors.
The Nominee Fee will vary depending on the nature of your case. As standard it will be around £2000-£2500. However, it could increase in more complex cases – for example if you are self employed.
You do not have to pay this fee directly. It is taken from the normal payments that you make into your IVA.
• Supervisor Fees
These fees are to cover the ongoing management of your IVA every year that it is in place.
The Supervisor Fees are normally based on 15% of the amount that you pay into your IVA each year.
As with the Nominee Fee, it is important you understand that you do not have to pay these fees directly. They are taken from the normal payments that you make into your IVA.
How It Works
Advice
Get free, confidential advice about your situation
Explain what an IVA will mean for you
Help you decide whether this is the right solution
Preparation
Complete your Statement of Affairs document
Prepare your income and expenses budget
Collate required supporting documentation
IVA Accepted
IP drafts your IVA proposal
Creditor meeting held and IVA agreed
Payments begin as agreed
Support
Support and assistance during your IVA
Advice if your income or expenses change
Options if you get a windfall
Let's Talk
If you need advice and help with your personal debt, get in touch with us today. Talk to us in confidence. Take control of your finances. Get on the way to becoming debt free.
Wilmott Turner Financial Services Limited
Company Registration Number: 692502
Call us now on
0800 088 7376
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