An Individual Voluntary Arrangement (IVA) is a formal debt solution that allows you to pay back your creditors over a fixed period of time, usually 5 years. During this time, you will make a monthly payment to an IVA supervisor, who will distribute the money to your creditors. Once the IVA is completed, any remaining debt will be written off.
If you are struggling with debt, an IVA can be a good way to get your finances back on track. However, it is important to choose the right IVA company to help you with the process.
Here are some of the best IVA companies in the UK:
- StepChange is the UK’s leading debt advice charity. They offer a free, confidential debt assessment and can help you find the right debt solution for your needs. [Link to StepChange website]
- PayPlan is another well-respected IVA company. They have a team of experienced debt advisors who can help you understand your options and make the best decision for your financial future. [Link to PayPlan website]
- Financial Wellness Group is a specialist IVA company that offers a comprehensive range of debt solutions. They have a proven track record of helping people get their finances back on track. [Link to Financial Wellness Group website]
- Begbies Traynor is a large and reputable insolvency firm that also offers IVAs. They have a team of experienced debt advisors who can help you understand your options and make the best decision for your financial future. [Link to Begbies Traynor website]
- Bennett Jones is a specialist IVA company that offers a boutique service. They have a team of experienced debt advisors who can offer you personalized attention and support. [Link to Bennett Jones website]
When choosing an IVA company, it is important to consider the following factors:
- Experience: The IVA company should have a proven track record of helping people get their finances back on track.
- Reputation: The IVA company should be well-respected and have a good reputation in the industry.
- Cost: The fees charged by the IVA company should be transparent and affordable.
- Support: The IVA company should offer you personalized support throughout the process.
It is also important to remember that an IVA is not the right solution for everyone. If you are struggling with debt, it is important to get free, independent debt advice before making any decisions.
Here are some links to websites where you can get free, independent debt advice:
- StepChange: https://www.stepchange.org/
- National Debtline: https://www.nationaldebtline.org/
- Citizens Advice: https://www.citizensadvice.org.uk/
I hope this helps!