How to chose the best IVA companies

Before understanding the ways to look for the best IVA company, you may need to know who administers such Individual Voluntary Arrangements. You will find a plenty of Insolvency Practitioners (IPs) in the UK, overseeing the activity that can be chosen with the help of an intermediary IVA company that first assesses your case and then contact a reputed IP supervisor on your behalf.

You can use the IVA company, recommended by your friend, or just search on the Internet and shortlist a few to approach them. Nevertheless, you should be frank in discussing your financial position and the personal circumstances with the advisors.

Your advisor should be well-informed on the IVA process and not keen on charging you for the necessary paperwork. Make sure they look down to every possible alternative for you, including bankruptcy, or a consolidation of loans or a remortgage to clear off debts with a full and final settlement.

Further, do not get misled by agreeing to lower payment IVAs offered by many companies, since IVA repayments indicate how much you can afford and not what is acceptable to your creditors. It is advised to scout for a money-back guarantee in your IVA, in the situation if the IP takes payments before the creditors’ meeting, it should be refundable if the application is not successful.

Lastly, do not hesitate in asking questions to the shortlisted IVA companies to test their knowledge and ability to manage your debts effectively.

Additional advice for choosing your debt solution company

  • Consider checking if the IVA companies you are dealing with is a registered one, to do that check the OFT Consumer Credit Register
  • Also ask your firm for the nominative of your IP, make sure you understand if your Insolvency Practitioner is  employed by the company or he is a third party collaborator
  • Consult a Government Institution or an impartial Debt Charity to have a list of reputable debt solution company list

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