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Hanover Insolvency Reviews & In-depth Info 2022

Hanover Insolvency Debt

For free and impartial money advice and guidance, visit MoneyHelper, to help you make the most of your money.

Hanover Insolvency

In this simple, detailed guide, we look at Hanover Insolvency: the services they offer, their customer reviews and the details about the company’s registration.

Don’t worry, here’s what to do!

There are several debt solutions in the UK that can be used to improve your finances. Choosing the right way to tackle your debt could save you time and money, but the wrong one could cause even more harm

It’s always best to find out about all your options from a professional before you take action.

Fill out the 5 step form to get started. 

Who are Hanover Insolvency?

Hannover Insolvency assists individuals in debt. The company is based in the UK and was founded in 2010. They currently have over £100 million of debt under management.

On their website, they explain:

Our dedicated Pre Appointment Team will assess your individual financial circumstances and will prepare your paperwork for the acceptance of creditors.”

For your peace of mind, our Insolvency Practitioners are licensed by the Insolvency Practitioners Association“.

Unlike some Debt Management Companies, it seems that Hannover Insolvency is a licensed insolvency practitioner, which means you if work with them on a debt solution, they’ll be the ones managing your account, rather than handing your case to a separate company.

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What debt solutions does Hanover Insolvency offer?

There are a number of different debt solutions out there. Find out below whether Hanover Insolvency provides the kind of help you need.

Hanover Insolvency Website Review

Hanover Insolvency offers a wide range of debt solutions, including:

  • IVA (Individual Voluntary Arrangement) – a legally binding agreement to make regular payments to an insolvency practitioner, who divides the money between your creditors
  • Trust Deeds – a debt payment programme which allows people to pay their debts based on their disposable income (Scotland only)
  • Debt Management Plans – an informal agreement with your creditors to pay off all of your debts
  • Administration Orders – A way to deal with debt when you have a court judgement against you

Scottish Debt Solutions

The debt solutions explained above included Trust Deeds. This is a debt solution specific to Scottish residents, meaning that Hanover Insolvency can help Scottish residents in debt.


Sometimes it’s easier to talk face-to-face rather than over the phone. Hanover Insolvency does offer in-person services, meaning you are able to arrange an appointment to meet them in person in their offices.

Information correct as of 07/04/21 (HanoverInsolvency)

Hanover Insolvency Reviews

Customer reviews are an important part of the process of assessing a company. It can be really helpful in guiding your decision making. See how other customers have rated their experience with Hanover Insolvency by looking at their up-to-date reviews on Trustpilot.

Information correct as of 11/06/21 (Trustpilot)

How to complain about Hanover Insolvency?

Should you need to make a complaint about Hanover Insolvency, it is a simple process. You can simply note the details down below and use them to either write to Hanover Insolvency or call them.

Midwest House
11 Crown Industrial Estate
Canal Road
Greater Manchester

[email protected]

If Hanover Insolvency does not respond to your complaint then you should contact the Financial Ombudsman Service. They will be able to handle your complaint.

Information correct as of 07/04/21 (FCA)

Company information:

Company details are registered for business on Companies House. Anything not found here, will be on the company’s website. From these two sources we compiled the key company details about Hanover Insolvency:

Date of incorporation: 26 March 2010
Company status: Active
Company number: 07204268
Company type: Private limited Company
Midwest House
11 Crown Industrial Estate
Canal Road
Greater Manchester
WA14 1TF
Opening Hours: Mon-Thu: 8am – 8pm, Friday: 9am – 5pm
Phone number: +4401619054764

Information correct as of 07/04/21 (CompaniesHouse)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. Hanover Insolvency is no longer registered with the FCA, but is instead registered with the IPA, the Insolvency Practitioners Association (details below). Hanover Insolvency still has an FCA register listing, because they used to be registered. The details of this are as follows:

FCA regulated: No
FCA status: No longer registered as an Appointed Representative
FCA reference number: 788880
Connected businesses: Sterling Green Ltd
Place of business:
Midwest House
11 Crown Industrial Estate
Canal Road
Greater Manchester
WA14 1TF

Information correct as of 07/04/21 (FCA)

IPA Registration

The IPA (Insolvency Practitioners Association) is an organisation which licenses and regulates insolvency practitioners and those in insolvency related work. Hanover Insolvency have two IPS registered with the IPA, meaning that they are licensed to practise.

IP Name: Dylan Quail
Contact Information: [email protected]
IP No: 9547
IPA Registered Address: Sale Point, Washway Road, Sale, Cheshire, M33 6AG

IP Name: Ian Millington
Contact Information: ian.m[email protected]
IP No: 8270
IPA Registered Address: Sale Point, Washway Road, Sale, Cheshire, M33 6AG

Information correct as of 07/04/21 (InsolvencyService)

Data protection registration:

It’s important to check your data privacy. Hanover Insolvency is data protection registered. Data protection registration means that Hanover Insolvency is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: Z2207976
Data controller: Hanover Insolvency Ltd
Midwest House
11 Crown Industrial Estate
WA14 1TF

Information correct as of 07/04/21 (ICO)

Where are Hanover Insolvency?

Above, we mentioned that Hanover Insolvency offer in-person appointments. To arrange an in-person appointment, you’ll need to know the location of their offices, relative to you. Take a look at their office location on a map.

IVAs with Hanover Insolvency

If you are carrying a lot of debt and you are worried about being able to pay it all off, then you may have heard of a way to write off most or even all of your debt through taking out an IVA.

Let’s take a more in-depth look at how an IVA works and how it may benefit you.

hanover insolvency IVA website

IVA Case Study with Hanover Insolvency

Debts: £14279

Monthly income: £1796

Monthly expenditure: £1557

New debt after remote meeting with creditors: £9138

Monthly payments after IVA is created:

9 months @ £239
Further 51 months @ £137

What is an IVA?

An IVA, or Individual Voluntary Arrangement, is a way to pay off your unsecured debts with your creditors.

Secured debts are different and cannot be included in an IVA. Your secured debts may include:

  • A mortgage
  • Car finance
  • Hire Purchase agreements

How do IVAs work?

The IVA process is a type of insolvency.

An IVA is a legally binding contract between yourself and your creditors. It is essentially a written promise to your creditors that you will pay an affordable amount of money each month to your chosen IVA firm over five years.

Your IVA firm Hanover Insolvency will take your monthly payment and divide it between your creditors ensuring that every single one of your creditors gets a small payment from you each month rather than nothing at all.

Annual review

Because your circumstances can change a lot during your IVA term, each year your IVA will be reviewed.

This means that you will need to submit your bank statements and wage information to Hanover Insolvency. Should your circumstances improve over time, then you will be required to pay more into your IVA.

Your finances will be reviewed and a new payment plan will be worked out to cover the next year. This will mean that your payments will be increased to your creditors each month.

What this can mean in real terms is that 50% of any pay rises, increases in wages or overtime earnings will be added to the amount of your monthly IVA payments.

Should you inherit any money or gain a lump sum of money from any outside source, then usually the whole of this payment will go towards your IVA.

Changes to take into consideration

You will also need to work with your Hanover Insolvency to come up with a plan in the event of any major changes that may affect your regular payments.

Work out how you will cope:

  • If you need to replace your car
  • If you need to move home (your IVA can seriously affect your credit rating)
  • If your mortgage payments increase
  • If the cost of living goes up (petrol, household bills etc.)

Taking on an IVA with very little wriggle room can soon leave you with problems if you don’t have any flexibility built into your plan to cover these or other issues.

Remember that your IVA will last for five years (or maybe longer) so a lot of small changes can build up. This is why it is so important to have a yearly review of your IVA to adjust your monthly payments up and down to consider any changes.

What happens if I cannot pay my IVA?

No one knows what the future has in store for us. Although your IVA will be reviewed on an annual basis, this doesn’t mean that your IVA payments will continue to go up each year.

Should your circumstances become worse for whatever reason, then you will need to talk Hanover Insolvency as soon as possible.

In most cases, you may be able to have your IVA payments suspended for anything up to nine months. Sometimes this can be longer under certain circumstances as long as your creditors agree to this.

If you suddenly lose your job or become too sick to work through illness or injury, then you need to make your IVA firm aware so they can take action to either suspend, reduce or renegotiate new terms on your behalf with your creditors.

What happens if I need to stop my payments?

Depending on your circumstances and the reasons behind you needing to suspend your IVA payments, the months that you miss your payment will usually be added on at the end of your IVA term.

This means that your IVA agreement will continue after the original five-year term has elapsed.

There are lots of cases where people have needed to suspend their payments and are still paying off their IVA after seven or eight years or more.

What if I cannot release equity in my home?

As mentioned before, if you have equity in your home, then you will have to look at remortgaging your house to release that equity and put this towards your IVA.

If you cannot get a remortgage, then what will happen here is that your payment terms are usually extended for another year.

Should you have already taken some payment breaks, this can make your IVA drag out for much longer than the original five-year plan at the beginning.

You may be able to take out a secured loan if you cannot get a remortgage. However, look very carefully at the repayment terms and conditions. Some lenders are being overly harsh towards loan applicants carrying an IVA.

It has been reported by some loan applicants that they are only being offered loans with very high rates of interest or overly long repayment terms of over 10 years. This isn’t what you want to be taking on at the end of a five year IVA.

Debt Management with Hanover Insolvency

Why do people get into debt?

When people fall into debt there is a common misconception that they have been recklessly spending their money and living the high-life racking up bills on their credit or store cards. In fact, most people fall into debt through suffering a crisis such as losing their job, being made redundant or falling seriously ill.

All of these issues are very real and very common! They can happen to anyone at any time and can financially cripple even those who are very careful with their money. Having to adjust your personal finances to adapt to changes such as a divorce or death of a partner, poor health or a job loss can lead you to struggle to pay not just your debts but your household bills, rent or mortgage.

Hanover Insolvency DMP

Questions to ask yourself if you think you have a debt problem

  • Do I feel anxious about managing my debt repayments?
  • Am I struggling to pay the minimum payments towards my credit cards?
  • Is it a struggle to pay my rent or mortgage each month?
  • Do I avoid answering telephone calls from unknown numbers?
  • Do I feel a sense of dread when letters from creditors come through my letterbox?
  • Am I unable to save any money for a crisis such as car expenses or emergency repairs?

If you answered ‘yes’ to any of the above questions, then you may want to consider seeking independent help or advice from a financial expert.

How do I get help?

You can get free financial advice about handling your debts through your local Citizens Advice Bureau or via charities such as Christians Against Poverty or the Debt Support Trust.

All of these places offer free debt advice and can help you decide which path to take to help resolve your debt issues according to your individual circumstances.

There are also charities Such as Step Change that will work with you to help set up a debt solution such as a Debt Management Plan (DMP) or an IVA (Individual Voluntary Arrangement).

What is a Debt Management Plan?

A debt management plan (DMP) is a way to resolve your outstanding debts by paying it back at a rate that you can afford. A DMP may not be suitable for everyone carrying debt so it is worth taking some free advice to make sure this is the right path for you. DMPs are good if you are carrying non-priority debts such as credit card or store cards debt, bank overdrafts that you cannot pay off and unsecured personal loans.

How do Debt Management Plans work?

Your Hanover Insolvency will act as your middle-man between you and your creditors. They will look at your financial situation, take into consideration your wages, your monthly household outgoings and work out an affordable payment plan.

They will talk to your creditors on your behalf so you don’t have the extra pressure of having to deal with them yourself.

Your Hanover Insolvency will set up an agreed monthly payment plan with you and then will pay your creditors a share of the money you give them each month towards your debt.

The beauty of this is that you will only pay one fixed monthly payment to Hanover Insolvency each month which makes it much easier for you to budget as you will not have lots of different amounts of payments going out at different times of the month to your creditors.

What are non-priority debts that can be covered by a Debt Management Plan?

You can only set up a Debt Management Plan to help pay off non-priority debts.

These debts may include:

  • Bank or building society loans
  • Bank overdrafts
  • Borrowed money from friends or family
  • Catalogue debts
  • Credit card debt
  • Payday lender loans
  • Store card debts
  • Unsecured personal loans

What debts don’t Debt Management Plans cover?

You cannot use a Debt Management Plan to manage your priority debts.

Priority debts include:

  • Council Tax
  • Court fines
  • Hire purchase agreements
  • Income Tax
  • Loans secured against your home
  • Mortgage or rent
  • National Insurance
  • TV Licence
  • Utility charges such as your gas and electricity bills
  • VAT

Managing your own debt without Hanover Insolvency

What is a debt management plan?

A DMP allows an individual to pay off their debts at an affordable rate. You can choose to work with a DMP provider like Hanover Insolvency who will work on your behalf to negotiate with creditors to agree an amount that is affordable for you to pay and then set up the payments to the creditors to be paid each month. The purpose of a DMP is to help individuals to lower their monthly repayments. When setting up a DMP you are requesting that your creditors accept lower payments that you originally agreed to.

It is possible to create and run your own DMP.

Creating a Debt Management Plan that Suits you

Before considering setting up your own DMP you need to think about how you are going to manage your debts that are a priority and a DMP will not be able to cover, for example mortgage or rent payments. If you feel as though you are not going to be able to afford to pay off these debts then you need to consider other alternatives to a DMP. If you fail to keep up repayments on priority debts the consequences could be severe and could result in a worst case scenario of losing your house or ending up in prison.

If you decide to go ahead with setting up your own DMP you need to consider how much per month you can realistically afford to pay towards your debts and to create a budget for this, because you don’t want to end up in a position where you cannot afford to pay out the amounts you have agreed to within your DMP. You need to consider your priority debts and then other outgoings such as fuel, groceries, council tax and anything needed for everyday life.  It is useful to use an income and expenditure sheet which will show how much spare money you have and can also be sent across to creditors.  If during the DMP your income increases you do then have the option to either increase monthly payments or even often settlement figures you are willing to pay to your creditors.

Steps to getting a DMP up and running

  • Firstly ensure you have a plan in place to pay priority debts
  • Cancel any direct debit or other forms of payments to the rest of your outstanding creditors
  • If your existing bank is one of your creditors you will need to change your bank account to a different bank
  • You will then need to write to your creditors and send them across the income and expenditure sheet you have created, to show how much you can realistically afford to pay towards your debts
  • Then you can start to set up regular new monthly payments to your creditors for the amount you have stated in your letters
  • Don’t respond to any initial letters and calls from creditors immediately after setting up your DMP as it is possible they have either not yet read your letter or processed it

Ongoing management of a DMP

Once the DMP is up and running it is usually as simple as just ensuring the payments are going out of your bank account to creditors every month. There are a few things that can sometimes happen, especially within the first few months of a DMP:

  • A creditor may take out a county court judgement (CCJ) to try and recover debts. It is unlikely if you are communicating with your creditors and have informed them of the monthly payment you are intending to make, but it does sometimes happen. If you find yourself in this position then it is a good idea to get some advice from the National Debtline or your local Citizens Advice Bureau. You will need to return the court form with details of your financial situation and your agreed payments under the DMP
  • Sometimes you may receive communication from a creditor asking for a review of the DMP, often within the first year. Just reply informing them that your situation is the same if it hasn’t changed, or include a new statement of affairs or income and expenditure sheet if it has changed
  • It is possible that one or more of your creditors will take the decision to sell your debt onto another firm. If this happens you just need to communicate with the new creditor to enable you to be able to change the standing order bank details to theirs.

Debt Management Plan Conclusion

Most people do choose to use a firm like Hanover Insolvency that specialises in debt management plans than to run their own DMP, but there are still plenty of individual who choose to manage their own. If you like the idea of having control of your debts and not relying on anyone else to manage them then a self-managed DMP may be a good solution for you.


Which IVA company is best?
The best IVA company depends on your own circumstances and needs and as a result it varies by person. It’s is always best to talk to a debt charity for free before committing to a insolvency company.
What happens if I get an IVA?
If you get an IVA you are agreeing to make monthly payments split between your creditors for 5 years or until the end of the debt whichever comes first.
What happens to debt after IVA?
After 5-6 years of an IVA your debt will be written off given that you’ve met the agreed payments. After this period, you are debt free.

Final word

To get a feel for Hanover Insolvency, have a scroll through their Twitter feed!

Are you struggling with debt?

Affordable repayments

Reduce pressure from people you owe

Stop interest and charges from soaring

Get started


Are you struggling with debt?
Are you struggling with debt?
  • Affordable repayments
  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring