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Testimonials
“We are extremely satisfied with the level of service and professionalism combined with a friendly attitude of all the staff we spoke to, and would like to thank everyone at Harrington Brooks very much.”
Mr and Mrs B, Liverpool
“We were really pleased with the efficient way that Harrington Brooks handled our enquiry and by the speed in which our mortgage was finalised.”
Mr and Mrs S, Birmingham
“I found the staff at Harrington Brooks were all very polite, helpful and understanding. I couldn’t fault the level of service we received from start to finish.”
Mr J, Warrington
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IVA Help 
When you are struggling with repayments on your unsecured debts, you want the best solution to your problems. There are many options available to you, so making payments should be easier with the correct information and resources. One option you have is to get IVA help by accepting an Individual Voluntary Arrangement through Harrington Brooks. This is a great option should you want to avoid bankruptcy and some of its more negative consequences.
The main difference between an IVA and a Debt Management Plan is that the latter is an informal arrangement between the debtor and creditor(s). An IVA is a legally binding contract that helps debtors to pay off their debt and avoid what might have been a certain bankruptcy. An IVA's strength lies in getting most of your creditors to agree on an amount you can realistically afford that may be up to 75% less than the original amount owed. This is how an IVA can help reduce your debt.
A Licensed Insolvency Practitioner (IP) negotiates on your behalf with the various creditors. This person assesses your situation and contacts the various creditors with an IVA offer that will help your financial situation. IVAs might be a better option than bankruptcy, even though creditors may only get up to 75% of the original amounts owed. It might also be to your creditors' favour, as it is a less expensive option to recover money. And they can claim back tax and VAT relief on your bad debt.
Five years may be all it takes before you are free of your financial enslavements. You will agree to make monthly payments into a fund administered by your Insolvency Practitioner to reduce the debt. And at the end of the five years, your debts will be cleared and you will be able to enjoy life without debt.
Enter into an IVA agreement knowing what it will mean to your finances as well as your credit profile; ; it is best to get IVA help and advice beforehand. The monthly payment is something agreed upon by both parties, so you should not disappoint creditors by defaulting on it. Only enter into one if you know you'd be able to afford making payments. However, your creditors would also be bound by the contract and would not be able to claim for anything more than what you owe them. Keeping up with the monthly payments would also mean they are not allowed to take legal action against you.
One of the best advantages to an IVA agreement is its confidentiality. IVAs help you to become free of debt, but because they are private agreements, no one else besides your creditors need to know. You may therefore continue to work at the same company and not fear dismissal.
An IVA's inner workings
Because every IVA has its own unique timeline, there are no two identical IVA procedures. One of our debt advisors would be able to discuss your circumstances to see whether an IVA is your best option. The advisor will use all your financial information to compile an acceptable IVA proposal and present that to your creditors. This will include trying to find out what led to your financial woes.
This is a complex process that may involve many different parties. It may take up to six weeks to complete, during which time your Insolvency Practitioner carries out fact finding, writes the proposal organises signatures and distributes relevant documentation. Once the IP has outlined your circumstances and has received the needed documentation, most of the work is finished. Then all that is left is to read and sign any documentation the IP draws up.
Once the IVA is drawn up, the Insolvency Practitioner will submit and present it to the court. This meeting will also include your creditors and should occur within 2-4 weeks of submitting it to the court. Your presence is not required at this meeting, as your Insolvency Practitioner, who is the Chairperson, acts as your proxy.
There is no law that says your creditors should accept this arrangement, though it would of course benefit them as much as it would benefit you. We know how difficult it is to have an unmanageable amount of debt, so we will try to make sure you only apply for an IVA if it will help you. Seventy-five per cent of your creditors should agree to an IVA, after which they approve it and select a Supervisor. The Supervisor is normally the Insolvency Practitioner.
Once the arrangement is agreed upon, your creditors may not attempt their own debt recovery; they are bound by the agreement. It also does not matter whether they voted for against it.
By keeping up the repayments for the entire duration of the arrangement, you will soon be free of your unsecured debt with IVA help.
