How to choose the right IVA company

Author Name MIchael Weaver Article date April 10, 2022

No matter the circumstance, ending up in debt is far from ideal. Whilst there are many different reasons you could come to be in this situation, what’s important is the action you take to ensure you can safely, securely, and reasonably pay it all off.

But how do you do this? Let us introduce you to three key letters – I, V, A.

In this article, we’ll talk you through the basics of how to find the best IVA company, what key terms such as an ‘insolvency practitioner’ mean, and how to feasibly find the best debt solutions.


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What Do IVA Companies Do?

An individual voluntary arrangement (IVA) is a payment schedule you initiate with IVA companies. They will work to help you manage all your debt in one place, doing the heavy lifting so that all you need to worry about is making one affordable monthly payment on time via a debt repayment plan.

IVA companies aim to help people in debt find a solution that works for them. As the name might suggest, the most common way they achieve this is by helping you set up and manage an individual voluntary arrangement.

Most IVA services will offer you the aid of insolvency practitioners who will communicate with creditors for you. They will also help you determine the best IVA plan for you, so you can cut down your debt and find a working solution.

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What Are The Characteristics Of A Good IVA Company?

Helps you consider the alternatives

A great sign that you are considering a good IVA company is that they will let you know if their solution is right for your needs. The best IVA companies in the UK are determined to help people with their debt problems, even if this means suggesting an alternative to their chosen plan.

The main goal for an insolvency practitioner is to help you escape from your problems. If a company can’t help you out and is happy to help point you to some alternatives, then you can be sure that they are a good IVA company.

Doesn’t offer its services for free

Although most of the top IVA firms in the UK will offer free advice, they will still charge you for an individual voluntary arrangement. This is because they need to earn enough money to pay their involuntary practitioner and keep offering their services.

However, it’s a good idea to keep in mind that free services aren’t all bad. Some can offer excellent advice and even help you pay off small amounts of your overall debt. But when it comes to quality, a paid service is almost always going to offer you the best debt solutions.

Just make sure that you aren’t paying large upfront fees, as this is usually a sign that the IVA service isn’t truly dedicated to helping you. The most common way IVA companies will charge you is through monthly payments.

Has a fixed office or address

Almost every company or business in today’s market will have an online presence of some sort. But not every company will have a physical address or fixed office. One of the best ways to spot an IVA company worth your time is to check if it has a fixed address.

It is far harder for a business to be held accountable for its actions if it doesn’t own a physical address. This means you should try to avoid online-only services as more often than not, they just won’t be able to compare with in-person services.

You should also consider whether or not in-person meetings with insolvency practitioners will be beneficial to you. Some people find that meeting in person can truly help them find the best debt solution for their circumstances and can truly improve a debt management service.

Call us on 0800 464 7235

Our trained advisors are here to help, so if you think an IVA proposal is one of the best debt solutions for you, don’t hesitate to call us on 0800 464 7235 to speak to one of our trained debt advisors or click below to see if you qualify…

Check if you qualify

What Are The Warning Signs Of An Unethical IVA Company?

Demands large upfront fees

If an IVA company is demanding a large upfront fee, then alarm bells should be ringing in your head. It is extremely rare for IVA companies to ask for a large lump sum before they help you manage your debt, so if a company does ask, they are likely to be running an unethical operation.

Typically, the top IVA services will offer you an agreeable monthly payment plan, so you don’t need to spend a fortune to consolidate your debt!

They advertise 100% acceptance

Although it would be great if all IVA companies in the UK offering 100% acceptance, it is extremely rare to find one that truly does. IVA debt solutions ideally want to help someone that isn’t too far in debt as this will usually have the lowest risk for them.

Companies that advertise that they are 100% acceptant of all debt amounts may look good on paper but are usually doing this to make some fast money. A great tip to keep in mind is that if it seems too good to be true, it usually is.

Your typical individual voluntary arrangement will be able to help you out with around 50-70% of your debt. Numbers higher than 75% are almost always false claims, although there are a few exceptions to this.

They make claims that are too good to be true

Debt management companies are few and far between in terms of reliability and trustworthiness – so you want to make sure that whoever you bank on, if you’ll excuse the pun, can tailor your solution to the size and nature of your problem.

However, there are a few companies that will promise too much. If an Insolvency practitioner begins to make unrealistic claims, then it’s probably too good to be true. High acceptance rates and cheap fees are often indicators that you are looking at a bad IVA company.

What To Consider When Choosing An IVA Company

Your individual circumstances

Before you start negotiating an individual voluntary arrangement, consider your circumstances. Always ask yourself whether or not you can outright pay your debt off before you consider working with an IVA company.

You should also always check that you can afford the IVA companies fees before you sign a legally binding agreement. Although they will almost always offer cheaper deals than just paying your debt, you still need to consider any fees and how much you can afford.

Thankfully, most of the top IVA and debt management companies will work around your individual circumstances. Insolvency practitioners should always consider your lifestyle and adapt the debt solution to suit your needs.

The fees

One of the most important factors you will need to consider when finding the best IVA company for your needs is the fees. As stated above, a warning sign of an unethical debt solution service is a large up-front fee.

Most IVA services will charge you small and manageable monthly payments for their services, which is perfect if you are money conscious. Be sure to take the time to find an IVA that you can afford – this way, you can avoid finding yourself in more debt!

Customer reviews

Customer reviews can be a great way to determine how successful an IVA company truly is. Higher reviews are typically indicative of a decent IVA service, whereas lower reviews are a sign that it might not be all it’s cracked up to be.

It’s also highly recommended to check what people are saying and not just their overall star rating. Some of the issues people have with a company may not be shared by you. By reading the reviews fully, you will be able to get a brief glimpse into how a specific company operates.

The UK’s Leading IVA Companies

Abbotts Insolvency

Abbotts Insolvency is one of the best IVA companies within the UK, and it is quite easy to see why. With constant high reviews and friendly customer service, they have helped thousands of people get out of debt throughout the UK.

Their main headquarters are in Manchester; however, they offer their services throughout the country. They are a fully licensed and regulated insolvency practice and aim to offer an affordable monthly payment system to anyone who is facing debt.

Vanguard Insolvency

A Stockport-based IVA company, Vanguard Insolvency is a debt advice and solution service. First established in 2015, they have quickly proved that they are a company you can trust, and offer a range of solutions suitable for any debt problem.

NTF Financial Solutions Insolvency

One of the leading debt solution companies in the UK, NTF Financial Solutions Insolvency assist thousands of people every year. They will personalise any solutions to suit your individual circumstances, which is a great addition to any solution service.

Their highly dedicated team has over 50 years of experience and are easily a contender for the best IVA company in the UK today.

CreditFix Insolvency

Insolvency practices that offer an excellent service and a highly professional team are far and few between. Thankfully, CreditFix Insolvency is one of the best IVA companies out there for anyone facing a debt crisis.

With CreditFix Insolvency, you can expect a customised solution and an individual voluntary arrangement that you can rely on.

Call us on 0800 464 7235

Our trained advisors are here to help, so if you think an IVA proposal is one of the best debt solutions for you, don’t hesitate to call us on 0800 464 7235 to speak to one of our trained debt advisors or click below to see if you qualify…

Check if you qualify

Use IVA Helpline today to learn more about choosing an IVA company

With so many IVA companies in the UK, each with its own range of debt solutions, it can be hard to choose the right one for you. Here at IVA Helpline, we aim to help you find the best solution for any debt problems you may be facing.

You don’t need to spend hours of your time comparing the many companies available as our services are designed to be quick and accessible. We will compare a selection of the top IVA companies and find you a solution that works for you!

Want more information? Our friendly team are just a phone call away – you can reach us at 0800 123 4567!

Frequently asked questions

  • How can I find the best insolvency practitioners for me?

    To find the best IVA company for you, you will want to compare some of the best IVA companies out there.

    Make sure that your chosen insolvency practitioner offers an affordable monthly payment plan and always speak to a money advice service before you finally settle on a debt solution!

  • Will an IVA company offer free debt advice?

    This depends entirely on the IVA company itself. Whilst some do offer free debt advice, not all of them will.

    Thankfully, there are a range of free-of-charge debt and money advice services within the UK, such as the Debt Advice Foundation or through the Citizens Advice debt helpline.

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