What’s the best IVA on the market?

There’s actually no such thing as a best IVA. Every organisation, whether they’re a charity or a commercial business has to adhere to the same legislation and rules when drafting an IVA proposal. Most of these rules, which may vary over time, are put in place by creditors, who ultimately decide whether the IVA will pass or fail.

However, there are important factors that you must be aware of when choosing your IVA provider:

• Make sure you speak to an Advisor that doesn’t charge for their advice.
• Make sure the Advisor doesn’t ask you for any fees before you enter into the IVA. If your creditors don’t pass your IVA proposal then you risk losing that money.
• Is the Advisor manipulating your expenditure in order to make you fit the IVA criteria? Whilst this might sound like a good idea, you have to be able to live comfortably on the amount you agree to for five years. IVAs where this is the case often end up failing.
• Has the Advisor fully explained your alternatives, your other options, enabling you to make an informed choice.
• Have they explained to you the likelihood of creditor support, the modifications that may be requested and the consequence this may have.

You can read more about IVAs and whether they are suitable for your situation in our IVA section.

Debt Advice Foundation is a registered UK charity offering free, confidential support and advice on any aspect of debt, including IVAs. If you need to talk to someone about debt, please call the charity’s helpline on 0800 043 40 50 to speak to an adviser.