Bennett Jones

Bennett Jones, specialist in Individual Voluntary Arrangements (IVAs) in Manchester

Bennett Jones is a Manchester-based firm that focuses on Individual Voluntary Arrangements (IVAs), a formal legal instrument for people with unaffordable debts. The company presents itself as a practice that has helped thousands of clients resolve their debt problems through this mechanism, and operates under the supervision of a licensed insolvency practitioner.

The company identifies itself as a trading style of Bennett Jones Limited, registered in England and Wales with company number 06783589 and registered office at 18-22 Lloyd Street, Manchester, M2 5WA.

Services and debt solutions

The range of solutions the firm describes covers both formal and informal routes. The main ones include:

• Individual Voluntary Arrangement (IVA).
• Informal Debt Management Plan.
• Debt Relief Order (DRO).
• Remortgage and debt consolidation.
• Bankruptcy.
• Money management and support with debt and benefits.

The firm also details specific areas of advice: loans, mortgages and credit cards; household debts such as council tax and utilities; business debts; payday loans; debts assigned to collection agencies; family and joint debts; and tax debts for income tax and VAT.

What is an IVA and how it works

According to the firm's own explanation, an IVA is a legal agreement between the debtor and their creditors, set up and supervised by a licensed insolvency practitioner acting as mediator. The amount of the monthly payment depends on each person's circumstances. If the debtor owns a home, it is protected once the agreement is approved, and the same applies to a private pension plan.

The typical duration is five years, with affordable monthly payments calculated from income. Once approved, the practitioner handles correspondence with creditors, which is reduced. On making the final payment, the debtor is no longer responsible for the debts included in the agreement, even if they have not been paid in full.

To be eligible, the applicant must demonstrate that they cannot pay their debts within a reasonable period. In most cases, the debts must exceed the value of assets, including any property, and there must be a monthly surplus after covering living expenses.

Eligibility conditions and debt write-off figures

The firm states that, to qualify for debt write-off through an IVA, a minimum of £7,000 of unsecured debt and at least two creditors are required. It notes that a realistic write-off is between 25% and 75% of the total, although the percentage varies depending on each case and is subject to creditor approval.

In its presentation, Bennett Jones states that it is possible to write off up to 80% of debts upon successful completion of an IVA, and specifies that in the last twelve months 10% of its clients reached that 80%, with a typical figure of between 25% and 75%. The firm warns that an IVA may not be suitable in all circumstances, that fees apply and that the measure affects credit rating.

Relationship with The Debt Advisor

The initial assessment request is channelled through The Debt Advisor, an entity authorised and regulated by the Financial Conduct Authority to provide debt advice to individuals. Bennett Jones and The Debt Advisor share shareholders, as expressly stated. The Debt Advisor's initial advice is free of charge, although fees may apply depending on the solution chosen. The firm stresses that there is no obligation to use its services and that all enquiries are confidential.

Team and regulation

Bennett Jones operates under the supervision of a licensed insolvency practitioner regulated by the Insolvency Practitioners Association (IPA). The firm identifies Gregory Mullarkey, Alexandra Bateman and Paul Hughes as licensed insolvency practitioners regulated and authorised by that association.

The company has a client area and a payment portal, and maintains a news section and a careers section. Its registered office and head office are located on Lloyd Street, Manchester.

Location and contact

18-22 Lloyd Street, Manchester, M2 5WA