Choosing the Right IVA Company in the UK: What You Need to Consider

Saturday, February 16, 2019 • North Little Rock, AZ 72114

A legally-binding and formal agreement between your creditors and your self; an Individual Voluntary Arrangement (IVA) allows you to repay your debts over a period of time. An insolvency practitioner typically qualified as an accountant or solicitor is the one that sets up an IVA.

So, when we say you need to find the right IVA company in the UK, we mean you need to find the right solvency partner for yourself. But, before you do that, you need to determine if an IVA is at all needed. Whether or not partnering with an insolvency partner for setting up an Individual Voluntary Arrangement (IVA) is the right solution for you will be determined by:

  • Your debts
  • Your personal circumstances
  • Your available income

Is an Individual Voluntary Arrangement (IVA) the Right Option for You?

Before you jump onto the IVA bandwagon, it is crucial for you to determine if an IVA solution is at all right for you. Some of the circumstances that may necessitate partnering up with an insolvency partner for setting up an IVA include:

  • Having at least two separate debts
  • Having debts that exceed £10,000
  • Having a minimum of two different creditors. These are the people you owe money to
  • Not wanting to deal directly with creditors
  • Having enough spare money each month to make IVA payments

If you meet any of the above criteria for setting up an IVA, then you shouldn’t waste any time to find an insolvency partner or IVA company to set up an IVA for your circumstances. But, how do you find a good IVA company in the UK? There are a few things to look out for which are elaborated on down below.

What to Look for When Shortlisting IVA Companies in the UK

So, you’ve decided to partner up with an insolvency practitioner to set up an IVA for your circumstances. But, now comes the hard part—you need to shortlist and choose an IVA company from the plethora of options available to you in the UK. With so many options available, how do you shortlist IVA companies in the UK and then choose the best option among them for yourself? You can make things easy for yourself by considering the following:

No Upfront Fees

The best IVA companies do not charge an upfront fee for setting up an Individual Voluntary Arrangement (IVA) when you ask them to arrange it for you.

The Lowest Monthly Payments

For many people who are struggling with debt, the minimum payments charged by some IVA companies are unaffordable to say the least. If you’re one of them, then you’d do well to look for an IVA with a low or affordable minimum monthly payment as it will make it affordable for you to make regular monthly payments for the IVA.

Online Presence

This is for your own convenience. Look for an IVA company with an online presence or one that can set up meetings with you online, rather than asking you to visit their office or requesting to visit your home.

Confidentiality

It is crucial that the IVA company you choose keeps your debt management confidential. Make it absolutely sure that IVA company you choose will keep your information a 100% private. In case they need to share some information with another party for the purpose of your IVA, they should seek permission from you first.

To know more about what the right IVA company in the UK can offer you, get in touch with us today for IVA advice.