How to Spot An IVA Company You Want to Avoid
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Wondering which IVA companies you should avoid? You’ve come to the right place for answers. Every month, over 170,000 people visit our website for advice on debt solutions.
In this helpful guide, we’ll explain:
- What an IVA is and how IVA companies work.
- How to choose the right IVA company for yourself.
- The signs of an IVA company to avoid.
- How to complain about an IVA.
- The best IVA companies in 2023.
From July to September 2023, the Gazette reported that there was a total of 13,965 Individual Voluntary Arrangements.1 This figure highlights the importance of choosing the right IVA company —a decision that can indeed be tough.
Don’t worry! With our expertise and understanding, we’ll guide you through your options and help you make the best possible decision.
Let’s dive in.
Companies to Steer Clear Of
Unrealistic Claims
Unusually High Rate of Failure
Bad Reviews
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income | £2,504 |
Monthly expenses | £2,345 |
Total debt | £32,049 |
Monthly debt repayments
Before | £587 |
After | £158 |
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Best Companies to Get an IVA
Here are some of the best IVA companies in the UK in 2023.
- Financial Wellness Group
- StepChange
- PayPlan
- Bennett Jones
- Forest King
- Begbies Traynor Group
- Astute Financial.
If you would like some more information on the best IVA companies, check out my guide.
How do I Choose the Right One?
No Upfront Fees
» TAKE ACTION NOW: Fill out the short debt form
Reputation and Reviews
Affordable Monthly Payments
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
Reviews shown are for The Debt Advice Service.
How Do You Complain?
The IVA complaint process is relatively straightforward.
If you are unhappy with your IVA, the first thing you should do is talk to your IP. They can advise you on your best course of action and amend the terms of your IVA if it would be appropriate.
I recommend that you send in your complaint in writing and hold onto a copy for your records. That way you have proof of your complaint and when you sent it.
If you are not happy with your IP’s response, you can complain directly to the Insolvency Service.
They will look at your complaint and deal with your IP’s registered organisation if necessary.
If you feel that the Insolvency Service has not dealt with your issues properly, you can make a complaint directly to GOV.UK.
Were you advised to get an IVA by a debt management company but you now think that this was bad advice? You could complain to the Financial Conduct Authority (FCA).
All debt management companies are bound by the rules of the FCA which means that they have to give you the best advice for your specific financial circumstances.
If you think that your debt management company did not give you the best advice, you should make a complaint.
If you are still unhappy with how your complaints have been handled, you could make a complaint to the Financial Ombudsman Service (FOS).
Keep in mind that the FOS will only get involved with your issue if you have given your IP or debt management company a reasonable length of time to sort out your complaint.
Contacting the FOS with a complaint should really be your last resort or if the behaviour of your debt management company gets inappropriate.