How to choose the best IVA provider

IVA provider

When entering into an IVA it’s imperative to find the right provider – and with so many of companies to choose from it can certainly be quite confusing!

Before you start to search for an IVA provider, it’s advisable to take some time and quite simply put pen to paper.  Here are a few questions you should ask yourself before you start making contact with local firms or advisors:

? What are my personal circumstances at the moment and are they likely to change?

? How much can I afford to invest into an IVA each month?  Is this realistic?

? How many debts do I have?

? What’s the total value of my debts and what do I owe to who?

Once you’ve started to ask yourself these questions you can then start to make some important notes to pass on to your chosen advisor.  He or she can then look through this information, consider your personal circumstances and start to point you in the right direction (whether that’s through an IVA or another alternative). There is a number of ways you can look to write off debt.

So how do I know who might be best?

Whilst there’s no ‘right’ and ‘wrong’ answer to choosing an advisor you’ll most likely be able to find a lot of information about various firms online and through various search engines.  The sort of questions you need to ask yourself are:

  • How long have they been established and what’s their reputation like overall?
  • How qualified are they?
  • What will my customer journey look like? (don’t be afraid to ask them this)
  • Will I be given just one nominated advisor, or will there be different advisors?
  • Would I prefer to work with an individual or a firm?
  • What are their charges?
  • What have previous clients said about them? Are there any client testimonials?
  • Do they offer a free initial consultation?
  • How will they manage my arrangement once it’s set up?
  • If I have any queries or concerns who I can talk to?
  • What’s their success rate in securing IVA arrangements?
  • Do they have any specific concerns about my individual circumstances?

Of course, this list isn’t exhaustive and there might be other questions or concerns you might have.  The point is, you shouldn’t be afraid to ask whatever questions you need answering to ensure you get the very best advice.  Remember, once you’ve entered into an IVA it then becomes legally binding and should you fail to comply with the agreed terms you could expose yourself to the threat of bankruptcy.

If you meet with an advisor and don’t feel as though you could work well together then don’t be afraid to say so and try another firm instead.  After all, it’s not just the initial set-up that your advisor will be dealing with.  They’ll also be managing your arrangement for the duration of your IVA so it’s imperative that you’re confident in what they’re doing for you and that you’re being given the very best advice from the outset.