Individual Voluntary Arrangement (IVA) is a debt solution that brings a lot of relief to those struggling with debt. It is a legally binding agreement between you and your creditors to pay a portion of your debts over a certain period – usually five years. IVA companies are the firms that help individuals to set up and administer their IVA arrangements. However, with the proliferation of IVA companies, it can be overwhelming to choose the best one that will suit your needs and walk with you throughout the IVA process. In this article, we’ll guide you on what to look for when selecting an IVA company that will meet your requirements.
- Certification and accreditation
When selecting an IVA company, always ensure the firm is fully certified to provide the IVA service. Look out for the company’s license details and check with the relevant regulating body if the details provided are legitimate. Besides, check if the company is compliant with the Financial Conduct Authority (FCA) regulations. Compliance with regulatory requirements is an indication of a credible and trustworthy firm that will have your interests at heart.
- Reputation and experience
A company’s reputation is critical when selecting the best IVA company. A firm with an excellent reputation and years of experience in handling IVAs will have dealt with numerous challenging cases and will have the expertise and knowledge to handle your situation. Check out reviews on the company’s website or other online platforms such as Trustpilot to get a glimpse of their past clients’ experiences and the reputation of the company.
- Customer service and support
IVA companies should put their clients’ needs first. The process can be daunting, and you need an IVA company that will offer you the support and guidance throughout the arrangement’s lifespan. A company with excellent customer service is readily available and willing to answer any questions you may have regarding the IVA process. Ensure that the company has a dedicated customer support team that can be reached via phone or email.
- Fees and charges
IVA companies charge their fees for setting up and administering the IVA arrangement. The fees can either be upfront or deducted from the agreed upon monthly payments. Determine the company’s transparency regarding their fees and charges to avoid any surprises once the arrangement is underway. A good IVA company should offer a written breakdown of their costs, which includes setting up and monitoring fees.
- Professional qualifications
IVA companies are made up of professionals who are experts in their field. A company with professional insolvency practitioners (IPs) who are regulated by the Institute of Chartered Accountants in England and Wales (ICAEW) or Association of Chartered Certified Accountants (ACCA) is an added advantage. The professionals are responsible for overseeing the IVA arrangement’s management and ensuring that the creditors’ rights are protected.
If you’re struggling with debt and considering an IVA arrangement, choosing the right company to walk with you through the process is crucial. Selecting a credible and reputable IVA company will ensure the arrangement is well-managed, and creditors’ rights are protected. The company’s experience, certification, and reputation are vital when selecting an IVA firm to handle your situation. Remember to consider customer support and professional qualifications of the company and transparency in fees and charges.