Finding the Right IVA Company

An IVA, Individual Voluntary Arrangement, is a little known debt help solution, which was originally the brain-child of the UK government. Initially devised as an alternative to bankruptcy for small businesses it is now becoming a popular debt solution for people with debts of £15,000 or more.

So, for example, if you have Credit card debt, are struggling to repay the mortgage, or you are close to bankruptcy then an IVA might be the right solution for your circumstances.
The IVA runs for 5 years and during that time all your creditors will not contact you and you could end up wiping off 75% of all the debt you owe.

Increased debts can hit people of any income level and more and more people of all income levels are taking out an IVA. If you find yourself in this situation then how do you find the right and best IVA company to help you through the IVA process.

A good starting point is to use an IVA company that has been recommended to you by someone you know or you can go online and use an IVA forum where people already on an IVA share their views on different IVA companies. However, you still be cautious and take the following tips/advice into account before making your final decision.

Be comfortable with the adviser that you speak to.

You should be able to discuss any aspect of your financial, and sometimes personal, circumstances with them. Although it sounds obvious your adviser should have a thorough knowledge of the IVA process, and be able to easily guide you through the process.

Make sure the IVA company carries out a thorough analysis of your circumstances

To be able to advise you on which action you should take it is essential that they really understand your true situation now.

Be wary of a company that suggest that an IVA is a foregone conclusion

An IVA's success is based on the final decision of the creditors. However a good Insolvency Practitioner will always err on the side of caution. He will also use his experience to assess each new case before starting the IVA process. This saves unnecessary time, effort and costs, but gives the client that the IVA is really the correct solution.

Look for a money back guarantee

When you have decided that an Individual Voluntary Arrangement is your best option, be sure that, if the Insolvency Practitioner takes payments prior to the initial Creditors meeting, that these payments are refundable if the IVA is not accepted by the creditors.

Let your instincts guide your decision

Don't feel that any one IVA company is the only one able to help you. If you feel that an IVA company is offering you a solution too good to be true then it's likely it is too good to be true. In this situation get a second opinion. There are lots of good IVA companies so do your homework to find the one you are most comfortable with.

Conclusion

The IVA process is only one of your debt help alternatives. You should not consider one until you have done your own homework. Armed with some good IVA knowledge you can then seek the help of a professional debt advisor who will guide you through the whole process.