home loan finance blog
If you are looking for an IVA company then you should be choosy in the marketplace. There are so many companies advertising the best debt solutions in the world that it is hard to know which one to choose if you happen to be panicking about your finances, let alone taking the time to check into the individual companys background.
However, most debt solutions rely on a gentlemans agreement rather than actually providing you with the peace of mind that a fixed and legally binding agreement can bring.
The only way to achieve peace of mind with a debt solution is to employ an IVA company to act as an intermediary between yourself and an Insolvency Practitioner (IP). An IP is the only individual that is authorised to oversee your IVA, and the one you choose should have a good reputation. It is easier to find a good IVA company than an IP, but even this process can be baffling!
If you want to save yourself time and hassle then follow these tips:
1. Always seek out a recommendation or opinion if you already know someone that has gone through the IVA process. This could be invaluable in helping your find a reputable company or avoiding a poor one!
2. Phone around various companies before agreeing to meet with two or three. This ensures that your options are not limited and gives you a good feel of what you should be looking for. If you are not comfortable when talking to an advisor on the phone then you should scratch that particular IVA company off your list because they will probably not be very interested in helping you.
3. Never use a company that charges for an initial consultation. The consultation and preliminary paperwork should be completed for free, and a thorough analysis of your personal situation should be carried out before any work is done. If this aspect is neglected then move on to another company.
4. Never choose a company that guarantees you an IVA. Until the majority of companies that you hold debts with have agreed to the IVA then your application may still be rejected. The companies that say otherwise are only after your money. Also, beware of those stating that you will only have a low premium at the end of it because if it sounds too good to be true then it most likely is!
5. Finally, if you have to pay expenses before your IVA application has been completed then make sure that the paperwork you sign has a refund guarantee if your application is turned down. The IVA company is under no obligation to refund any money to you if your application is refused so always ask that particular question before signing on the dotted line and handing over any money!