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Bennett Jones is here to help you regain control of your finances. We’ve helped thousands across the UK consolidate debt into one affordable monthly payment with an IVA.. Complete our form to get no-obligation debt help. We have an experienced team of debt advisors based in our Manchester office. During your initial advice call, an experienced advisor will take the time to understand your circumstances and talk you through the full range of available debt solutions.
We’ll explain the features of each solution, including the benefits and risks of each. Every conversation is confidential and without obligation, giving you the space to make an informed decision in your own time.
The Debt Advisor Ltd is authorised by the Financial Conduct Authority to provide debt advice. The Debt Advisor and Bennett Jones are both based in the same office in Central Manchester. There is no charge for initial advice provided by The Debt Advisor. Depending upon the solution that you choose, fees may apply.
What debts can we help with?
Why choose Bennett Jones?
Bennett Jones has helped thousands of people solve their debt problems by using an Individual Voluntary Arrangement (IVA). We understand how stressful and difficult life is when you can’t pay your debts and your bills. We specialise in IVAs – a formal debt solution that allows for unaffordable debts to be written off.
With an IVA you will make affordable repayments to your creditors over a fixed period and, if this is completed successfully, the remaining debt is written off at the end. An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts.
There are alternative debt solutions available. The team at The Debt Advisor will consider all your options and help you decide on the right solution for your circumstances.
Our 3 step process
Individual Voluntary Arrangements
An IVA is a legal debt solution where you make a single monthly payment toward your unsecured debts, usually over 5 to 6 years.
IVAsDebt Management Plans
A Debt Management Plan is an informal agreement between you and your creditors to repay your debts.
DMPsBankruptcy
Bankruptcy is a formal insolvency process used to deal with debts that an individual is unable to pay.
BankruptcyDebt Relief Orders
A Debt Relief Order (DRO) is a formal insolvency process for individuals with low income and few assets who are unable to repay their unsecured debts.
DROsWhat is an IVA?
An IVA is a legal agreement between you and your creditors. It is established and overseen by a Licensed Insolvency Practitioner, who acts as the mediator between you and your creditors. The exact amount of your monthly payment will depend on your circumstances. If you are a homeowner, once your IVA is approved your home is protected. If you have a private pension this will also be protected.
Typically an IVA will last for 5 years with you making an affordable monthly payment from your income into your IVA. Once your IVA has been approved, we can deal with your creditors on your behalf and creditor correspondence will reduce. Your insolvency practitioner who supervises your IVA will deal with all your creditors. Once the final IVA payment is made, you are no longer liable for any of the debts included in your IVA and there will be no further balance to pay, even if this means your debts have not been repaid in full.
To be eligible for an IVA, you need to show that you do not have enough money to pay your debts in a reasonable amount of time. In most cases, your debts must be more than your assets, including any property you own. You also need to have some surplus income each month after paying for your living costs.
