With the rising cost of living, it is no surprise that more and more people are struggling with debt. Fortunately, there are options available to help you take control of your finances and get back on track. One of these options is known as an Individual Voluntary Arrangement, or an IVA for short. However, with so many companies out there claiming to offer the best IVA services, it can be challenging to choose the right one. In this article, we will be discussing everything you need to know about the best IVA company, including what an IVA is, how to choose a company, and what to look for in the best IVA company.
What is an IVA?
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors to pay back a part of your unsecured debt over a specific period of time, usually 5-6 years. In exchange for a reduced payment, your creditors agree to stop all interest and charges, and once the agreement has been completed, any remaining debt is written off. IVAs are only available to individuals with debt over £10,000 and can be a great way to take control of your finances and avoid bankruptcy.
Choosing an IVA Company:
Choosing the right IVA company is essential to ensuring the agreement runs smoothly and that you are fully supported throughout the process. When selecting an IVA company, you want to look for a company that is licensed with the Financial Conduct Authority (FCA) and that has a proven track record of success. You may also want to look for a company that has won industry awards and that employs qualified professionals such as Insolvency Practitioners.
What to Look for in the Best IVA Company:
When looking for the best IVA company, there are several key factors to consider. Firstly, you want to look for a company that offers free, no-obligation advice to ensure you are getting the right solution for your specific financial situation. They should also offer complete transparency with their fees and charges, and be upfront about any potential risks associated with the agreement. Lastly, the best IVA company should offer ongoing support throughout the agreement, as well as aftercare to ensure you stay on track.
In conclusion, an IVA can be an effective solution for those struggling with debt, but it is essential to choose the right company to ensure the agreement runs smoothly and that you receive the support you need. When selecting an IVA company, you want to look for a company that is licensed, has a proven track record of success, and that offers free, no-obligation advice. Additionally, the best IVA company will be transparent about their fees and charges, and offer ongoing support throughout the agreement. By keeping these factors in mind and doing your research, you can find the best IVA company for your specific needs and take control of your finances.