If you have debts with a combined total over £15,000, you might be able to get an IVA to help you pay them off and wipe off a chunk of the debt at the end of the IVA term. An Individual Voluntary Arrangement is one of the most popular debt solutions because it can wipe as much as 90% of your debt away.
But an IVA is a serious matter with lots of questions, concerns and peculiarities that you should know about before trying to get one. And that’s why lots of people turn to IVA forums for guidance, such as the IVA.co.uk forum.
Learn more about IVA forums and if IVA.co.uk is a good IVA forum, right here.
What Is IVA.co.uk?
IVA.co.uk is an IVA forum and a depository for all you need to know about IVAs. The forum is used by regular people wanting IVA help and information, but it is also frequented by leading industry insolvency practitioners and high-level workers from successful debt management companies.
The forum is split into generic IVA information for newbies, as well as the top IVA forum topics and the forum even sells a book titled IVA Survival Guide. This book was written by Keith White, who is the site manager of IVA.co.uk.
Keith is someone we are familiar with because he also owns a debt management company by the name of IVA.com, which we recently reviewed and were fairly impressed. In some ways, IVA.co.uk is a marketing vehicle for IVA.com, but that doesn’t take away from the excellent free information on offer.
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The Benefits of IVA.co.uk
An IVA forum has the benefit of providing key information and answering common questions that other IVA hopefuls have asked. It becomes a place where debtors with an IVA can support each other and make the process less stressful.
These are all benefits of using the IVA.co.uk forum, but this forum has one other benefit that other IVA forums generally do not offer. The forum is frequented by real insolvency practitioners like Keith White and professionals from other debt management companies. They provide answers that are 100% accurate.
When an IVA forum does not have these voices, some of the information on the IVA forum is not as credible because, even with the best intentions, users of the forum can spread misinformation or IVA myths. IVA.co.uk even has an IVA myths section to tackle these problems!
The Not So Good…
The IVA.co.uk certainly has a lot going for it, and the site is easy to navigate to find what you need. But one aspect of the site that some people may not like is the fact that it is connected to a debt management company. And sometimes people can contact professionals for paid services via the forum.
Some people won’t be bothered by this, while others may see the IVA.co.uk forum’s intentions as commercially orientated, unlike other forums that are simply there to serve regular people with free help and support.
Of course, not everyone will be put off by this, but some people might be.
The Verdict on IVA.co.uk
Our overall verdict on IVA.co.uk is positive. We like that they provided clear information on lots of relevant topics and recommend anyone wanting to find IVA information to check it out.
Other people clearly think the same as the IVA.co.uk Trustpilot reviews are excellent with 94% of 450 reviewers giving the site four or five stars. There were a few complaints about not getting answers to the questions they asked, but overall experiences were good, like this one:
“Very quick response time with supportive advice offered. This is a good resource for completely independent advice.”[Trustpilot]
Are There Other Good IVA Forums?
Yes, IVA.co.uk is not the only IVA forum out there and there are many other good ones to visit. Another option is to use the IVA forum on Money Super Market. This popular website fronted by money management king, Martin Lewis, is a popular resource for people in debt in general and for people wanting IVA information.
The only downside to the Money Super Market IVA Forum is that it is usually flooded with people who are not certified insolvency professionals. Most still give good advice based on real experience, but not all posts are checked and 100% accurate. It is still worth checking out.
Where Else Can I Get IVA Information?
If you want more places to find reliable IVA information, you can always use the IVA posts on Money Nerd. We provide detailed and easy-to-read IVA guides to help people who aren’t financial experts to understand IVAs in full.
You might also get IVA help from debt charities and Citizens Advice.
How Do I Get an IVA?
But to get an IVA, you must use the services of an insolvency practitioner, usually found at accountancy firms or with debt management companies. These are the only groups that can help you secure an IVA and nothing is ever guaranteed.
To get an IVA accepted, at least 75% of your creditors must agree to it. It is the job of the debt management company to show creditors why agreeing to the IVA is a good idea. But even if your case is good, there is no 100% guarantee that your IVA will be approved.
Will an IVA Be Expensive?
Yes, an IVA comes with multiple types of fees to set it up and monitor it over the 60 months+. If you pay monthly fees then these soon add up over the lifetime of the IVA, making it an expensive option.
However, the amount you pay in fees is often considered worth it because you also wipe off part of your debts once the IVA is coming to an end. You may have to pay over the five years, but the financial benefit is there to be had at the end of the IVA.