What's Included?
How to choose an IVA company
An Individual Voluntary Arrangement (IVA) is a debt management solution which allows people to manage their debts and make payments over a fixed period. It can be an ideal solution for those struggling with debt, as it often avoids bankruptcy, but it’s important to ensure you choose the right IVA company.
Before selecting an IVA provider, you should understand their services and how much they will charge. You should also look at company reviews or ask for a free initial consultation to learn more about their processes and the support they can provide. It’s important to ensure that an IVA company is regulated by the Financial Conduct Authority.
When considering which IVA company to use, you should look for one that has established relationships with creditors so that they can negotiate the best terms of repayment. You should also check if the IVA company provides support services such as budgeting advice or debt counselling.
Some of the top IVA companies in the UK include PayPlan, Creditfix, Stephensons Solicitors LLP, Harrington Brooks and ClearDebt. Each of these companies offers different services, and it’s important to read the terms and conditions before signing up.
What is an IVA Company?
An IVA company, also known as an insolvency practitioner, is a professional organisation that helps individuals manage their debts. An IVA allows debtors to pay back creditors over an agreed period of time and can be seen as an alternative to bankruptcy. The IVA company will provide information and advice regarding the best options for individual circumstances and help negotiate with creditors.
Choosing an IVA company that is properly regulated and has experience in dealing with debt management issues is important. It’s also worth considering their fees and their services, such as budgeting advice or other support services. Make sure you read your contract’s terms and conditions carefully before signing up.
Choosing an IVA company can be daunting, but it’s important to ensure that you do your research and select the right company for your circumstances. With a good understanding of what is available and some advice from professionals, you can decide which IVA company might be best for you.
With the right IVA company and an informed understanding of how it works, you can take control of your debt and create a workable management plan. Make sure that you do your research and choose the best company for your individual circumstances.
Who are some of the Best IVA Companies in 2023
The best IVA companies in the UK for 2023 are some of the most experienced and reliable debt management providers available. PayPlan, Creditfix and Stephensons Solicitors LLP have provided quality services to their customers since the early 2000s, while Harrington Brooks and ClearDebt are newer but quickly becoming top names in the industry. Each company will provide different services and terms, so it’s important to read the contract carefully before signing up.
When selecting an IVA company, it’s also important to look at their fees and the support they provide. PayPlan provides free initial consultations, while Creditfix offers budgeting advice and debt counselling services. Harrington Brooks has a team of dedicated specialists on hand to provide advice, and ClearDebt provides one-on-one customer care. Make sure you do your research and read all the terms and conditions before signing up for an IVA.
How can Credibble help me?
Dealing with debt can be overwhelming, especially when debt collectors or bailiffs get involved. Don’t panic! The Credibble Team is here to help. We can help you stop legal proceedings and reduce your debt for free.
We offer a smart debt tool to find all your main debts without searching through your paperwork. Our tool checks your debts against all the debt relief options you qualify for – so you know where you stand. Take the next step towards protecting your belongings and becoming debt free.
If you have received a letter or card from this debt collector, you can follow our two-step process:
Step 1: Use our smart debt tool to find all your debts and see if you qualify for a government-approved debt solution and;
Step 2: Request a call back to confirm all your options and agree on the most appropriate way to prevent legal action against you. Remember, all advice you receive is 100% free, and we aim to help you quickly and efficiently.
How to Choose the Best IVA Company
When choosing an IVA company, there are a few key factors to consider to ensure that you get the best deal possible. Firstly, looking for an IVA company that is free or has low fees is important. Many companies charge a set-up fee and ongoing administration and service fees, so check these when comparing different companies.
It’s also important to look for an IVA company with established relationships with creditors, as this means they can negotiate the best repayment terms on your behalf. Look for a company that provides support services such as budgeting advice or debt counselling, and ensure you understand your contract’s terms and conditions before signing up.
By doing your research, you can decide which IVA company might be best for you.
When looking for an IVA company, here are some additional important points:
– Look for a company with experience in dealing with debt management
– Consider the fees and services offered by the company
– Read the terms and conditions of the contract carefully
IVA Companies to Avoid
While many reputable IVA companies are available, it is important to be aware of which companies should be avoided to protect your financial security. Companies such as are known to charge high fees and offer little in the way of support or advice. It’s also important to be aware of any companies that require upfront payments before signing up for an IVA, as this could put you at risk of being scammed.
Debt Charities that Can Help Me
Debt charities are among the best resources available to those struggling with debt. These organisations provide free, impartial and confidential advice on dealing with debts and can help to negotiate repayment plans with creditors. They can also provide advice on how to manage money better and prevent debt in the future.
StepChange is one of the most popular debt charities in the UK and is a great resource for those looking to manage their debt. Citizens Advice, and National Debtline are other options to consider if you need advice or support with dealing with debt.
How much debt can be written off by an IVA?
IVAs can be an effective way of managing debt; in some cases, it is possible to write off a significant portion of the total amount owed. Depending on your financial situation, an IVA can allow you to pay back a portion of your total debt over a set period, and the remainder may be written off. This means that you could potentially only have to pay back a fraction of the total amount owed, and your creditors will accept this as full payment.
It’s important to remember that the exact amount written off depends on each case and their specific financial circumstances.
What is the minimum IVA repayment?
The minimum repayment amount required under an IVA will depend on each individual’s contract terms and overall debt situation. Generally speaking, the lower the total amount owed, the lower the monthly payments will be. This is because creditors typically only accept an IVA if they believe it will ensure they receive a better return than if the debtor were to enter bankruptcy.
It is important to note that the minimum repayment amount may increase during the course of an IVA, so it’s important to keep up with your payments and be aware of any changes.
