We have compiled the most important, in depth information on Wilkin Chapman LLP. Learn about their services, customer reviews and the company details.

Wilkin Chapman LLP IVA Debt

About – who are Wilkin Chapman LLP?

Wilkin Chapman is registered in the UK and offers a variety of financial advisory services to individuals and businesses.

Wilkin Chapman LLP helps people who are in debt. They are located in Grimsby and were established in 2009.

On their website they say:

“Wilkin Chapman’s position at number 110 in the UK’s Top 200 Law Firms for 2020 sees it retain its place as the leading law firm in Lincolnshire and East Yorkshire.”

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What debt solutions does Wilkin Chapman LLP provide information about?

Find out below whether Wilkin Chapman LLP provides the kind of help you need.

Wilkin Chapman LLP provides information about two individual debt solutions on their website including:

  • Individual Voluntary Arrangement (IVA) – a a legal form of insolvency where you agree to repay a set amount to your lenders.
  • Bankruptcy – a form of insolvency which essentially is a declaration that you are unable to pay off your existing unsecured debts. 

Scottish Debt Solutions

Wilkin Chapman LLP doesn’t provide information about Debt Solutions which are specific to Scottish residents, such as Trust Deeds, and Sequestration.

In-Person

Sometimes it’s easier to talk face-to-face rather than over the phone. Wilkin Chapman LLP does offer in-person services, which means you can go into their offices to speak to them.

Information correct as of 20/04/21  (Wilkin Chapman LLP)

Wilkin Chapman LLP reviews

It’s important to see how other customers have rated their experience with Wilkin Chapman LLP. Take a look at their up-to-date reviews on Google.

*Information correct as of 11/06/21 (Google Reviews)

Company information:

After researching Companies House and their website, we found the following information about Wilkin Chapman LLP:

Date of incorporation: 12 February 2009
Company status: Active
Company number: OC343261
Company type: Limited liability partnership
Website: https://www.wilkinchapman.co.uk/
Address: Cartergate House, 26 Chantry Lane, GRIMSBY, North East Lincolnshire, DN31 2LJ, SOUTH HUMBERSIDE.
Opening Hours: Monday – Friday 9 A.M – 5 P.M
Phone number: 01472 262626

Information correct as of 20/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: No.
FCA status: n/a
FCA regulated activities: n/a
EPF reference number: LS509655
Professional Body: Solicitors Regulation Authority
Place of business: Cartergate House, 26 Chantry Lane, GRIMSBY, North East Lincolnshire, DN31 2LJ, SOUTH HUMBERSIDE.

Information correct as of 20/04/21  (FCA)

Data protection registration:

Data protection registration means that this company 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: Z6671017
Data controller: Wilkin Chapman LLP
Address: Cartergate House, 26 Chantry Lane, GRIMSBY, N E Lincs, DN31 2LJ

Information correct as of 20/04/21 (ICO)

Where are Wilkin Chapman LLP located?

You may want to speak with a debt management company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on the map.

Address: Cartergate House, 26 Chantry Lane, GRIMSBY, North East Lincolnshire, DN31 2LJ, SOUTH HUMBERSIDE.

To get a feel for the company, have a scroll through their Twitter feed!

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 not dissimilar to bankruptcy. It is a process that you can take to clear your unsecured debts when you are sure that you cannot pay them off.

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 Wilkin Chapman LLP 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.

Are most creditors on board with IVAs?

In most cases, your creditors will realise that you are in financial difficulty and are unable to pay off your debt with them.

Rather than them having to spend a lot of time and money sending your reminders, demands and threatening court action – all of which can be very costly to them, they will settle for a small amount of money each month from your IVA firm

What are the downsides of taking on an IVA?

Despite how good the idea of taking out an IVA may seem, this is a solution that is not perfect for everyone.

They certainly are not a solution for people that have manageable debts and that has sufficient income to pay them off without help.

What will happen during an IVA?

As soon as your IVA is in place, all of the interest on your debts will be frozen. This means that your debt amount will not continue to grow uncontrollably.

During your IVA your creditors will not be allowed to take you to court or to hassle you with demands for payments or threatening letters to try to recover the money directly from you.

This can bring you immense relief and allow you to relax and get your life back on track without the constant worry of debt hanging over your head.

This breathing space can be very beneficial and has helped a lot of people to improve their circumstances by getting a better-paid job, working overtime or taking on more responsibility at work to earn a raise.

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 Wilkin Chapman LLP. 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.

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 Wilkin Chapman LLP as soon as possible.

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.

Advantages and Disadvantages of an IVA

Advantages

  • Any remaining unsecured debts after the IVA is completed will be written off and you will be legally debt free
  • The IVA generally will mean that you will not continue to pay additional interest to creditors on debts
  • It is possible to include agreed payment breaks as part of an IVA, if agreed with creditors
  • An IVA can help you to avoid losing your property to pay off debts, you may have to consider re-mortgaging though
  • Your creditors will no longer be able to contact you directly once the IVA is agreed to and in place

Disadvantages

  • An IVA can have a very negative effect on your credit rating in the medium to long term and therefore severely affect your ability to obtain credit in the future
  • Most of your disposable income will have to go towards paying the IVA
  • It is possible that your creditors will not agree to an IVA
  • Your IVA will remain on the Insolvency Service Register

FCA reassurance

No matter whether you choose to go with a free service or a fee-paying provider, you will be relieved to know that absolutely all Debt Management Plan companies including Wilkin Chapman LLP have to be authorised to operate by the Financial Conduct Authority (FCA).

This is to ensure that the company meet its agreed standards. However, before you sign up to take out a DMP plan with a provider, check they have been authorised by the FCA.

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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