IVA Companies

Who is the best IVA company?

When you are looking to sort out your debt problems, it is very important to make sure that you pick the right IVA company for you. With the right company you will have minimal contact throughout your IVA, but when you need something sorted it gets done swiftly and professionally!

So, what should I look out for when I compare IVA companies?

  • No upfront fees – Some IVA companies will charge you an upfront fee/management fee/administration fee. At IVA Wizard, we make sure that we only use IVA companies which are 100% free from upfront fees.
  • Confidentiality – It is important that your data is kept completely confidential. This means that you can process your IVA mainly online, through email, Whatsapp and SMS. This also means that if you do not want your debt situation discussing with your partner, it will be kept secret. We will only deal with companies that maintain the strictest level of confidentiality.
  • Established – We will only recommend large, reputable, free IVA companies, which appear in the top 10 IVA companies. This will exclude all startups, offshore companies, small companies and one man bands.
  • IVA Reviews – A companies reviews are their shop window. The best IVA companies have high reviews on reputable independent review websites, such as reviews.co.uk and Trustpilot. We exclude all firms which have negative reviews, so you don’t have to spend hours doing this yourself!
  • Cheap – All of our companies start their IVA plans at £80 per month. Some others will insist that your payments start at £150 per month, or even £200 per month. Your monthly payments are based in your income and expenditure, so a high minimum threshold should not be set.

You should pick an IVA company which offer a product which is free to set up and easily affordable. The company should be well established, with great reviews and they should keep your information 100% confidential at all times. We have created a panel which guarantees this, leaving the stress and research to us!

What is an IVA company?

An IVA company will introduce you to an insolvency practitioner (IP) based on your financial circumstances.

How is this worked out?

Your IVA company will look at your current circumstances, and then look to see what your circumstances will be in the near future. This includes:

  • Any income you receive.
  • A review of how you spend your money. This will include what bills you currently pay, what payments you are making towards your secured and unsecured debts.
  • A discussion which will consider your future needs and any possible change in circumstances. Your IVA company will consider creating allowances for food, childcare, mobile phone bills, entertainment (as long as these are reasonable).
  • Reviewing your current finance agreements.
  • Figuring out what assets you own. This includes if you have any equity in your property (if you own it). This is important because if you can release equity in your property, then there may be no need for an IVA.
  • Looking at your living arrangements. If you are renting, then an allowance will need to be put into your IVA to cover rent, gas and electricity, broadband, phone bills etc.

Is an IVA right for me?

Are you:

  • Struggling to pay your bills on time, or think you will be in the future?
  • Concerned about debt collectors or bailiffs visiting your house?

If so, do you:

  • Have over £5000 worth of unsecured debt?
  • Have a regular income?
  • Owe money to 2 or more people?

If you find yourself struggling with your monthly payments and you would like free debt advice, you should consider an IVA as an option for you.

IVA Companies to Avoid?

Now and again we receive negative reports on IVA companies. This is always going to happen unfortunately but if there is a common trend of bad practice we immediately exclude that company from our list of IVA companies.

If you are in an individual voluntary arrangement and you would like to make a complaint about your insolvency practitioner, please contact the Insolvency Service.

Bad practice could be anything like:

  • A high amount of negative reviews.
  • Poor customer services.
  • Harassing emails, text messages or calls.
  • Poor management.
  • Inadequate systems.

We will consistently post this type of information for you to read, within this section.

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