Varden Nuttall Limited

Privacy Policy for Release Money Group Limited

Introduction

The Release Money Group Limited and all companies within the Release Money Group Limited, (including but not limited to, Debt Release Direct Limited, Varden Nuttall Limited and Release Money Limited), are committed to protecting your privacy. We comply with the principles of the Data Protection Act 1998 and aim to maintain consistently high levels of best practice in our processing of personal and/or sensitive personal data.

How we use information you provide us

We use the information we receive from you to provide goods and/or services that you request, to communicate with you, and to personalise our information sent to you. We do not sell, trade, or rent your personal information to others.

We store all the information you provide us with, including information provided during verbal communication, via forms, electronic or otherwise, and information which we may collect from you when browsing our websites. Our servers log each page of our websites accessed, as is common with nearly all web servers. For our joint protection and training purposes, telephone calls may be recorded and/or monitored.

Examples of how we may personalise information might include preparing documents for submission to a product provider, or completing any relevant documents when dealing with your creditors on your behalf.

Third parties may deliver some of our products to you or provide all or part of the service requested by you. In these instances, whilst the information you provide will be disclosed to them, it will only be used for the administration of the service provided (including for example claims processing), underwriting and pricing purposes as appropriate, and to maintain management information for business analysis.

If you apply for financial services and/or products, a check of your details with fraud prevention agencies may be necessary. For example, a credit search when applying for a mortgage or loan. The precise nature of these processes is explained fully when you apply.

We ask for your home and mobile telephone numbers, together with your email address to enable us to contact you in relation to an enquiry you have made, to contact you about relevant products or services, to contact you if we require further information or clarification, or if there is any genuine reason for doing so. If you provide us with credit or debit card details in order to pay for a service or product, we will keep such details secure and ensure that the details are only used with your consent and/or for the purposes of any appropriate refunds.

Occasionally, we may also use the information we collect to notify you by post, telephone, mobile telephone, email and/or SMS about new or existing services, products and special offers we think you'll find valuable.

Generally by providing the requested data you consent to Release Money Group Limited using that data for administrative purposes and for informing you of other products and services by letter, SMS, telephone and/or email. We may also use the information we collect to occasionally notify you about important functionality changes to our website(s). Each time you receive marketing information or a message, you have the option to decline to receive further marketing information from us. This is known as an 'opt-out'. If you wish to exercise the opt-out, for any company within the Release Money Group Limited, please write to the Group Compliance Manager at Release Money Group Limited, First Floor, Crown House, Heap Brow, Bury, Lancashire. BL9 7JR. If you have more than one address or email address please make sure to notify us of any changes to your preferences for each address or email address you have registered with us.

As required by the Data Protection Act 1998, we follow strict security procedures in the storage and disclosure of information you have given to us.

If we provide information to a third party (either a provider of a product or service, or an external data processing agency such as a mailing house) we will exercise the strictest control over the third party contractually, requiring it and any of its agents and/or suppliers to:

1) maintain the security and confidentiality of the information and restrict access to those of its own employees;
2) use the data for the agreed purpose only and prevent it being used for any other purpose by any other party;
3) refrain from communicating with you other than concerning the product in question;
4) return the data to us at the conclusion of any contract term and destroy or delete any copies made of all or any part of the information unless copies are needed to be kept to comply with regulations.

In addition, we will restrict the information disclosed to the absolute minimum necessary, for example, to provide the product or service.

Our own security procedures mean that we may occasionally have to request proof of Identity or check your presence on the electoral roll.

In the event of telephone calls to you or from you, we reserve the right to ask relevant and appropriate security questions, in order to identify that you are who you say you are.

Your consent

Before you provide any data to us, we will endeavour to make it clear why we need it. Sometimes we may need sensitive personal data (examples might be past medical history or financial details). When this is required we will obtain your consent first. Otherwise, by providing us with information, either orally or written, or by using our website, you consent to the collection, use and processing of this information by Release Money Group to provide and send you information about their services.
A customer may properly give his or her spouse or partner's consent over the telephone or via the website provided he confirms that he has permission to do so. If the consent is written, the spouse or partner must independently endorse such consent.

How we use cookies

Cookies are files, which identify your computer to our server. Release Money Group Limited will automatically issue your computer with a cookie whenever you register on our website, (or possibly when you browse), in order to track traffic flows and to additionally make our website easier for you to use.

Cookies themselves only record which areas of the site have been visited by the computer in question, and for how long.

You have the opportunity to set your computers to accept all cookies, to notify you when a cookie is issued, or not to receive cookies at any time.

Selecting not to receive cookies can mean that certain services, such as previous registration identification cannot then be provided.

It is worth noting that some of the third parties present on our Website may also issue cookies.

Disclosure of information to third parties

Release Money Group Limited will never disclose information about you to third parties, except to fulfill your specific orders for a product or information in the event that third parties deliver the relevant service. For example, if you take out an insurance policy provided by a third party, they will need your details in order to administer the policy and process any claims. Other circumstances where we are operationally or contractually obliged to pass on your information may be where third parties administer part or all of the service, underwriting, for pricing purposes, testing, and to maintain management information for business analysis.

We may of course be obliged by law to pass on your information to the Police or other Statutory Authority.

Data Protection Act marketing consent

The Release Money Group Limited has adopted the following procedure in gaining your consent to be placed on their marketing lists.
When you first make an enquiry, or buy a product or service from Release Money Group Limited, you consent to receiving marketing about other products and services from us. Your details are placed on our marketing list for the group.

Amendment and retention of information

Please advise us in writing as to any changes in your circumstances. Obviously, it is preferable to only retain up to date information. Release Money Group Limited are obliged and permitted by law and regulation to retain certain types of data for a minimum period of time. The minimum period of time tends to be for six years but can be longer if the statute or regulation requires.

Subject access requests
You have a statutory right of access to accessible personal and/or sensitive personal data that we hold about you. In order to exercise this right, your application must be in writing for security reasons. Please write to the Compliance Manager, Release Money Group, First Floor, Crown House, Heap Brow, Bury, Lancashire. BL9 7JR. Please refer to the information you wish to see, giving dates of any documents if possible, and enclose a cheque for £10 payable to Release Money Group Limited. We will not administer Subject Access Requests by a third party unless accompanied by a written authority of the individual who is the subject of the request.

Changes to our Privacy Policy

If we decide to change our Privacy Policy, we will update all relevant documentation and post any changes onto our websites so that you are always aware of what information we collect, how we use it and under what circumstances we disclose it.

Tell us what you think
Release Money Group Limited, welcome your questions and comments about privacy. Please write to The Compliance Manager, Release Money Group, First Floor, Crown House, Heap Brow, Bury, Lancashire. BL9 7JR .

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Frequently Asked Questions

1. What is an Individual Voluntary Arrangement?

An Individual Voluntary Arrangement (IVA) is a legally-binding agreement between you and your creditors which promises to pay back as much as you can afford over a fixed period, which is typically only a percentage of your total debt. Your remaining debt is written off once your IVA has been completed. During your IVA, you are protected from legal action by your creditors. Your IVA is supervised by a licensed Insolvency Practitioner.

2. Is it true that I can end up paying more than I owe?

You will only be asked to pay more than originally agreed if your income significantly increases or if you receive a windfall, i.e. inherit money during the course of the IVA. The key is that an IVA must be affordable, and it must be fair. If you can afford to, you could be asked to pay your debts in full plus statutory interest and the costs of the Arrangement.

3. Not all of my creditors are listed on my chairman’s report. Are they all included?

All of your unsecured creditors are included in your IVA once accepted and are legally bound by its terms but only the creditors that have voted at your creditors' meeting appear on the Chairman’s report. It is important to disclose all of your debts to us prior to proceeding with an IVA.

4. What happens if my income reduces?

If you cannot afford to pay your full contributions, then you must tell your Supervisor immediately. If there is a genuine reason such as a change in income, then the Supervisor may write to your creditors to request a reduction in your contributions. The creditors understand that circumstances can change and are generally sympathetic in such situations, but may require an extension to the IVA or a compromise in return. Please remember that your creditors are under no obligation to accept any amended terms, and that if you do not fulfil the terms of your IVA then your Arrangement may fail.

5. Why do I need to fill in an RX1 form?

If you own a share in any property your creditors will want a valuation of your property to be performed before the end of the arrangement. If you have any available equity this will need to be paid into the IVA in addition to your contributions. The RX1 form is a way of legally restricting your property from being sold without your Supervisors consent.

6. How do I rebuild my credit rating?

If you prove to the creditors that you can use credit and stay within the terms, then your credit rating will steadily improve. Defaulting on your agreed payments will always damage your credit rating, and these missed payments are often recorded for up to six years.

7. What happens if my Individual Voluntary Arrangement fails?

If you are unable to meet your monthly IVA payments and you are unable to agree an alternative offer with your creditors, then your Supervisor may be required to fail your IVA. The money you have already paid will be distributed to your creditors (minus the fees of the Arrangement) and your creditors will be able to pursue you for any outstanding balance on the debts remaining.

8. When will my creditors be paid?

Your proposal (and any modifications by creditors listed in the chairman’s report) will state exactly how often your creditors will be paid, but this is typically once every 3 months.

9. If I have a joint debt in an Individual Voluntary Arrangement are creditors allowed to chase the other person for the debt?

If the other person is also in an IVA then the creditors cannot chase them. However if your partner, spouse or friend is not subject to an IVA then they will be liable for the full outstanding balance of that debt (less any payments made during your IVA).

10. If my income or expenditure change will my payments also change?

Often yes. The idea of an IVA is that you pay as much as you can reasonably afford. Your proposal (and any modifications by creditors listed in the chairman's report) will clearly state how much you are expected to pay if your income increases, and any flexibility you may have with your monthly payments in case of emergencies. If you are in any doubt over how much you are required to pay, then you should immediately contact your Supervisor.
If your circumstances drastically change in a way that makes it impossible to continue under the agreed terms of the IVA, then your Supervisor may write to your creditors and request that they consider new affordable payments.

11. Why do you ask me to prove my income/expenditure during the IVA?

The Supervisor is required to collect evidence of your income and expenditure on an annual basis to ensure that you are paying the correct amount into the IVA. Payslips and proof of key expenditure such as utility bills and mortgage repayments are essential in order to prove that your monthly payments continue to be affordable and the maximum that you can reasonably afford.
If this evidence is requested, then failure to provide it may result in the failure of your IVA.

12. Do the Income Review payments reduce the duration of the IVA?

No. Income Review payments are occasionally made due to significant increases in income; they are additional payments designed to take into account the fact that you are able to afford more.

13. As I earn extra money, can I pay some into the IVA as I receive it rather than waiting until the review has been conducted?

Yes, at your discretion you may make early payments to cover any future Income Reviews. In any case you should always keep any spare money aside and budget carefully to cover you for unexpected expenses.

14. When I receive my statements, the total outstanding still seems to be increasing even though I am paying my IVA, I thought all interest was frozen, why doesn’t it decrease?

Due to the Consumer Credit Act, your creditors are required to supply you with regular statements of your debt as it stands, including interest and charges. However, this is not the claim that will be accepted for the purposes of your IVA. Assuming that your IVA completes successfully, the accepted claim will be the debt as it stood at the date your IVA was accepted. The remaining balance including the additional interest will be legally written off.

15. Can I miss a payment during the IVA?

Missing payments is discouraged in all but the most serious situations, as it could result in the failure of your IVA. However, there are some circumstances in which this is unavoidable. If you are ever unable to pay your IVA contribution then you must contact your Supervisor as soon as possible.

16. Can I make a full and final offer to complete my IVA early?

Yes. If you are offered a lump sum by a friend or family member, then it is not uncommon for creditors to consider this as an early settlement payment, reducing the term of your IVA.

Remember that inheritances and windfalls must be paid into the IVA anyway in addition to your contributions.

17. How do I go about offering a full and final settlement?

Your Supervisor will advise you on how likely your offer is to be accepted and, if it is reasonable, he may write to ask creditors whether they will consider it. The process may take several months from offer to answer, and you would be expected to continue with monthly payments in the meantime.

18. Will I lose my house if I cannot obtain a re-mortgage?

If you are required to re-mortgage during the IVA and cannot, then there are often allowances to extend your IVA with 12 payments of your same monthly contribution instead. Please contact your Supervisor as soon as possible to discuss this.

19. After my IVA was accepted I received a call from a Bankruptcy company. Why?

When you enter into an IVA, your name is entered onto the Insolvency Register and is publically accessible online for the duration of your IVA. There are some companies who call individuals on this register with no other information and attempt to convince them that a different solution would be better for them.
If you receive a phone call or letter from these companies, please inform your Supervisor.

20. Can my name be taken off the Insolvency Register

No. The Insolvency Register exists for creditors to help them prove that you are in an IVA, and find the business address of your Supervisor.

If you have a genuine concern about this information being on the Insolvency register the Insolvency Service may consider its removal on an individual basis depending on your circumstances.

21. If I have extra money each month, if I pay it into the IVA – will my IVA finish sooner?

This depends on the exact nature of your proposal, and if you can afford to pay more than your monthly contribution then it is recommended that you discuss this with your Supervisor on an individual basis.

22. Why are my creditors still contacting me after my IVA has been accepted

When your IVA is accepted, a copy of the Chairman’s Report is sent to all creditors. However, large companies such as banks and credit card companies often take time to process this and pass the information to their debt collection agencies. If you continue to get contacted, then you should advise the debt collectors that you are in an IVA and that all correspondence should be forwarded to your Supervisor.

If you have taken the above action and are still being contacted by your creditors, please inform your Supervisor as soon as possible, and he will contact the companies in question to explain.

23. Are creditors entitled to send bailiffs to my home once my IVA has been accepted?

No. Once you are in an IVA your creditors must communicate with your Supervisor only, and must accept the dividend he pays them as full settlement of your debts (provided that the IVA completes successfully).

24. If creditors keep contacting me, is this harassment?

Not necessarily. In the vast majority of cases, a creditor will be contacting you because they are unaware of the IVA. The Supervisor of your IVA will always be happy to receive their phonecalls on your behalf and send them any written correspondence they need free of charge.

25. Is there any way of making a formal complaint against creditors who keep on contacting me?

The first action you should take when being contacted by a creditor is to inform your Supervisor. Your Supervisor will ensure that your creditor is made aware of the situation, and if they fail to recognise the IVA or refuse to stop contacting you then the Supervisor will take steps to ensure that you are adequately protected.

26. If I split up with my partner/spouse, can I split my IVA?

If your IVA is accepted on the basis that your partner or spouse is also in an IVA and making joint payments, then it is difficult but not unreasonable to split the two and make individual monthly payments.
In this instance your Supervisor will need to write to your creditors and propose new terms to your IVAs, and it is possible that your or your partner/spouse's IVA will fail.

27. Will creditors ever extend my arrangement

Creditors cannot change the terms of an IVA after that IVA has been accepted. However, if you are ever in breach of the terms of your IVA and would otherwise fail, then creditors may allow you to continue with the compromise that you extend the Arrangement or make additional payments. If this happens it will be discussed with you fully, and you will have the opportunity to negotiate or refuse their offer.

28. If someone has signed as a guarantor for one of my debts, are they liable for the debt?

Yes. Once they have paid the full outstanding balance of that debt, then they will act instead of that creditor as a creditor in your IVA.

29. Why do I have to sign and send back my Chairman’s Report?

Your Chairman’s Report contains modifications to the original proposal that were made by creditors when they agreed to your IVA. You must sign and return your Chairman’s Report to indicate that you have read and agree to these modifications.

30. When will my IVA finish?

Your IVA will finish when your Supervisor has issued a final report, and you are bound by the terms until this point. Typically an IVA will last 5 years from the date at which it is first accepted, assuming there are no outstanding matters.

31. What happens if I receive redundancy money or an inheritance?

Windfalls and inheritances are required to be paid into the IVA when they are received. This is in addition to your monthly payments and any income reviews. In the case where you can pay off your debts and IVA fees in full plus statutory interest, then you may no longer be required to make payments and your IVA will complete early.

32. Will my payments change?

Only if stated in the proposal (or any modifications stated in your Chairman's Report), or if your income or expenditure significantly changes. For example, if child benefits stop, or if a hire-purchase agreement finishes, or if your income increases. Please make sure that you understand your payment schedule before signing and returning your proposal, and read the Chairman's Report carefully.

Not sure if an IVA is right for you?

For more information call us now on 0800 804 7530

Essential Documents

Customer Feedback

Thank you very much for your help in this matter, i must say your self and your colleagues have been wonderful, and the help and advice in all matters has been first class especially considering i am thousands of miles away.

Many thanks to you all,

L Roberts from Braintree
I have been extremely happy with the service provided by all at Varden Nuttall. Everyone has been absolutely amazing with me and have always helped me where they can.

I would definitely recommend anyone to Varden Nuttall

Many thanks to all of you.

Mr J from Huddersfield
Wow ladies you did it. I cannot describe the high I am on at the moment what a Christmas present. I will be in to see you all in the New Year but at the moment all I can say you have mine and my families eternal thanks. I hope you all enjoy your day as much as I will and I hope you all have a great Christmas and New Year.

Again my thanks and keep smiling today just for me

Anonymous from UK

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Company Accreditations

Varden Nuttall are proud to be a founder member of the Debt Resolution Forum.

The Debt Resolution Forum promotes professional standards for resolving debtors' financial problems, focussed on the quality of advice provided to consumer debtors by all DRF members.