Best IVA Companies – Complete Reviews, Suggestions, FAQs & More
Making a decision about whether or not an IVA is right for you can be very tough.
However, once you’ve made that decision, you now have to think about which IVA company you should opt for.
It’s understandable why a lot of people consider choosing an IVA company to be a very daunting task.
This is possibly the biggest decision of your life and choosing the wrong company may land you in a far worse position than you were before.
Hence, research is essential. It’s a good idea to scour the internet and look up reviews of companies that you’re considering to get a better estimate of whether or not you should opt for them.
What is an IVA Company and what should I Look for When Choosing an IVA Company for Myself?
An IVA company is a firm whose services you can enlist to help you set up your IVA. They will deal with your creditors throughout the entire IVA period and assist you with any problems you may run into.
Most IVA companies abide by the standard IVA protocol that has been defined so you don’t have to research too much about how they operate.
However, there are a number of other factors that you can look towards that can help you determine which IVA company would be suitable for your needs. Some of these factors are:
You should look for privacy and confidentiality in all of your financial dealings but when it comes to debt, this becomes especially important. Look for an IVA company that is known for its privacy standards. An IVA is stressful as it is without you having to worry about whether or not your IVA company might be careless with your information.
If you’re considering a certain IVA firm, you should definitely look up what the failure rate of their IVAs is. Many good companies are able to maintain a failure rate of less than 15% whereas sub-par companies can have failure rates higher than 70%.
An IVA firm’s failure rate can definitely help you determine how competent they are when it comes to setting up IVAs for their clients.
Most IVA companies don’t charge you anything until the IVA is set up and initiated. Never go for an IVA company that charges you upfront for IVA advice.
You’re already in debt, the last thing you want is to be stuck with a company that has high fees. You may think this isn’t that important since the fees are paid within your monthly IVA payments. However, you should think about how if the company fees are high, less money would be going to your creditors from your monthly payments. Hence, there is a possibility that your creditors may not like your IVA proposal and may reject it.
It’s definitely a good idea to look up public opinion about an IVA company that you’re considering. You can easily find online reviews for most companies and accounts of experiences that people have had when dealing with them. These accounts and reviews can definitely give you an accurate idea of what your experience would be like if you were to set up an IVA with a certain company.
In today’s digital age, it’s important to opt for an IVA firm that has its services available online. You’ll be surprised to see how many IVA firms still operate in an old-fashioned way and this can sometimes be quite inconvenient.
Hence, always opt for a company with whom you can stay in touch with online in order to resolve any confusion or problem you may have with your IVA.
Time to Get Completion Certificate
An important thing to keep in mind is that your IVA does not finish when you make your last payment, it finishes when you receive your IVA completion certificate.
Depending on your company, you may get your completion certificate within a few weeks of you making your last payment or you may have to wait up to a year to get it. Note that all of the restrictions that come with an IVA still apply to you until you get your completion certificate. Hence, you should definitely opt for an IVA firm that is known to produce IVA completion certificates for their clients within a reasonable time.
All IVA companies are required by law to have a consumer credit license issued by the government. Their insolvency practitioners are usually either lawyers or accountants.
Before you opt for a certain IVA firm, you should definitely confirm whether they have a license to practice or not.
You may find or be contacted by IVA firms that have no real address to their business office. They may only operate through emails or phone calls or they might just have a postal address.
This is a huge red flag and you should definitely avoid such companies as they are most likely scams with people trying to take advantage of your situation. Always look for an IVA firm that has a well-known, established business office in a major city.
Note: If you’re having trouble choosing an IVA firm, you can opt to seek help from an independent debt charity such as StepChange.
An IVA Practitioner (typically known as an Insolvency Practitioner) is a person that handles your IVA from start to finish.
They are responsible for supervising you and making sure you’re making payments, they also help you set up your IVA and ensure you’re being treated fairly throughout the process.
Please note that throughout your IVA process, you will not be dealing with your creditors directly. Your IVA practitioner will be doing that for you.
For more information on IVA Practitioners, what their responsibilities are and how you can find one, click here.
IVA Companies to Avoid
There are many companies which facilitate you well and ensure that your IVA runs smoothly.
At the same time, not every company is perfect. There are definitely some shady companies out there who will try to take advantage of your vulnerable situation.
It’s essential that you avoid such companies at all costs as it’s highly likely that they’ll leave you in a worse position than you were in the first place.
I’ve made it a mission to talk to individuals that have dealt with such companies and make sure no one else has to go through the same misery.
For more information on IVA companies you should avoid, you can click here.
IVA Lead Generators
While an IVA can definitely be a great solution for many individuals that are suffering from crippling debt, it’s not a suitable solution for everyone.
Depending on what your financial circumstances are, what types of debts you owe and what types of assets you have, an IVA could be a very bad solution for you as well. This is why it’s important to seek professional advice before opting for any one debt solution.
Recently, concerns have been raised about IVA companies paying lead generation companies for referrals. This results in IVAs being actively encouraged to people who are dealing with debt.
As a result of this, people for whom IVAs are not suitable could opt for them and make their financial circumstances worse.
To find out more about IVA lead generators, click here.
Detailed IVA Company Reviews
Below are links to detailed reviews on different IVA companies. If you’re considering entering into an IVA with a certain company, do read our review first before making your decision.
With so many factors to consider and so many conflicting opinions, it’s definitely not difficult to understand why so many people have a hard time choosing between IVA firms.
In the end, you’ll have to assess your financial situation as well as look up online reviews to find a company that perfectly fits whatever you need.