Administration order Nottingham, Administration order Derby
IVA (Individual Voluntary Arrangement) and Debt Management plans
How Administration orders work
You must have a county court or high court judgment. Your debts must be no more than £5,000. You must have at least two debts. An application is made to your local county court on a form N92. An AO is a county court order which allows you to make a single payment every month to the court. This is divided amongst your creditors on a pro-rata basis by the court.
Administration order Advantages
- None of the creditors listed on the AO application can take further action against you without the court's permission.
- The court deals with the creditors and makes the payments for you.
- Interest and other charges are stopped.
- There is no up-front fee (court takes 10p in every £100 paid in).
- You can apply to make payments for a time-limited period such as three years using a 'composition order'.
- You can increase payments where your circumstances improve.
- You can apply to the court to make reduced payments if your circumstances get worse.
Administration order Drawbacks
- You must have total debts below the £5,000 limit.
- Creditors can make objections to the court and ask to be left out of the order (although the court may not agree with this).
- This will affect your credit rating.
- If you do not maintain your payments the AO can be revoked and the creditors can pursue you again.
Administration orders in Nottingham
Viva Debt Solutions
and located in Nottingham and offer professional counselling on Administration orders. So why not call us on Local 0115 8967 539 or
National 0844 8262 591- or email us at email@example.com