How do I find the right IVA company for my needs?
An IVA (Individual Voluntary Arrangement) is set up by an Insolvency Practitioner (IP) and there are many IP’s based in the UK. However, finding the best one may take a bit of time and effort.
Many people prefer to use an intermediary IVA company who will assess their requirements and shop around for the best Insolvency Practitioner for their needs. However, some IVA intermediaries offer a better choice of IP’s than others. As the amount of people choosing an IVA grows with many people choosing it over bankruptcy, the industry has grown largely so you must ensure you get the best advice you can.
One good piece of debt advice is to follow the recommendations of others. If you have been recommended an IVA company, then chances are they will work equally as well for you. Alternatively, the internet will provide a huge source of IVA companies but the following IVA advice will help to ensure that you are not misled.
- Be absolutely sure that you feel comfortable talking to the adviser. Make sure that you ask plenty of questions and that you are happy with the extent of their knowledge.
- Never use an IVA company who insist on a fee for preparing paperwork as most companies will do this for free.
- Be certain that the IVA company has carried out an intense analysis of your financial circumstances, so as they fully understand your financial situation and are able to advise accordingly.
- Ensure that your adviser discusses all of the alternative debt solutions available for you. This could be anything from bankruptcy, debt management through to re-mortgaging your home to release capital.
- Be cautious of any company that promises you an IVA. This cannot be guaranteed agreed until all of your creditors have consented to the arrangement.
- Ensure that the IVA company you are considering offers a money back guarantee. Some IP’s will start taking payments prior to your creditors meeting. If your application is rejected, these payments can then be refunded to you.
You should also err on the side of caution if an IVA company promises you very low repayments. An IVA is based on what you are able to comfortably afford and creditors will ask for your IVA to be modified, if they feel that you could pay back more of your debt than you are offering.
