IVA Companies

Finding the right IVA Companies

There are many IVA companies in the UK, some are recommended by Money Advice Direct because they provide excellent IVA advice. However there are many IVA or debt advice companies in the UK that you must avoid because they are staffed by commission hungry salesman trying to sell you debt management procedures that are not suitable.

IVA Companies – What makes a good IVA Company

Access to expert IVA and Debt Management advice.
Access to actual Licensed Insolvency Practitioners, not just junior staff.
Immediate advice to as whether you qualify for IVA debt help.
High quality non-judgmental advice
Advice on Debt Management Plans, Bankruptcy, Protected Trust Deeds (in Scotland) and Informal arrangments.
Fast and friendly advice.
No Obligation advice.
Access to a variety of debt management solutions, should an IVA not be suitable.
IVA paperwork and preparation should be a seamless, fast process.
How long has the IVA companies been doing IVAs
Do IVA companies provide FREE initial advice.

Debt Management Companies

A good IVA company should offer “ best advice and ethical advice”. Many pure debt management companies are just “fee charging middle men” who don’t actually deal with your creditors. They just take your money and churn out standard letters every month.

Its is so confusing when clients are looking at UK debt management companies. There are over 50 private UK debt management companies. There are about five or six UK that advertise on TV, Radio, and the newspapers. We advise our clients to avoid debt management firms that employ aggressive salesmen who get very angry with clients when they can not close a sale.

The best way to find a reputable UK debt management company is to contact us and talk through your problems. There are a number of different methods that we can advise on so it is important to listen to the advise of your dedicated case adviser. The UK Insolvency Helpline will carry out an personal debt and credit review in the strictest confidence.

Fees charged by IVA companies

IVA Fees
The main reason why IVAs are so popular with both creditors and debtors is that the fees tend to be less than the court costs and Official Receiver fees involved in a bankruptcy.

The costs of setting up and running an IVA are paid by two lots of fees:

Nominees’ fee - These are approximately £1000-2000
Supervisors’ fees – These are approximately £50 per month.

Please note that IVA companies generally a standard IVA fee, however if the individual IVA case is detailed then the fee may increase.

There are so many IVAs in the UK that the banks are getting concerned. Some banks have been requesting IVA companies reduce their fees so that the banks receive more money. The banks have been explained that there is a lot of work that need to be carried out to set up an IVA such as; Preparing the IVA proposal, Gathering all the information required, Preparing and filing the Nominee's report , Sending the proposal to the creditors Holding a creditors' meeting.

IVA companies fees are under close scrutiny

The IVA fees charged by many IVA companies are under close scrutiny by the banking sector. Please note that this does not affect the consumer because IVAs are based on affordability. Please note that average IVA now has to offer between 40%-45% of the debt back over 5 years.

Please note that in 2008 individual voluntary arrangements (IVAs) companies were forced to accept a 20 per cent cut in the fees they earn when setting up IVAs.

The reduction in IVA fees charged by IVA companies follows concern among lenders about the cost of IVAs, where the providers are paid fees by the debtors' creditors. Increasing consumer debt over the past five years has resulted in a rapid rise in the number of borrowers entering into IVAs, which fall short of bankruptcy, after finding themselves unable to stay on top of their debts.

The total number of IVAs agreed each quarter has risen from around 2,000 to 13,000 since 2004, spawning a small industry of IVA companies. However, many IVA companies have closed down because they could not afford to take an reduction in IVA fees.

There are several IVA companies in the UK. Many offer misleading advice as they are sales operations. Please contact Money Advice Direct on 0800 074 6918 to speak to an expert IVA and Debt advisor to find out whether an IVA is the best debt solution for you.

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IVA's

The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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IVA Companies

Finding the right IVA Companies

IVA Companies – What makes a good IVA Company

Debt Management Companies

Fees charged by IVA companies

IVA companies fees are under close scrutiny

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