Finding the right IVA firm can be challenging. IVA which stands for “Individual Voluntary Arrangement” is a formal and legally binding agreement you made with your creditor to pay them back the debts you owe them over a period of time.
A legal IVA needs to be set up by an insolvency practitioner. Choosing an IVA firm can be really confusing since most people don’t have full information about how they work. Unfortunately, when you choose the wrong IVA firm, it can lead to a lot of problems for you. Thus, it is very important that you are careful with your choices when you are searching for a reliable and experienced IVA firm.
In this article, you will learn of various factors you should consider when you are searching for a reliable IVA firm. Keep on reading to find out more.
Top Ways To Choose an IVA
1. Do Your Research For An Honest Firm
A lot of times, most people choose an IVA because they saw their ads. Unfortunately, most of these types of IVA firms with big advertisements are not usually honest. You need an IVA firm whose main interest isn’t their own fees. Thus, it is important that you do your own research instead of depending on the advertisement you saw on Facebook or Google.
2. Find Out IVA Failure Rate
Before you choose any IVA, make sure you find out their failure rate. On average, IVA firms have less than 15% failure. There are some IVA that have up to 30% failure rate. We recommend that you ask your preferred companies to tell you about their failure rate. It is important that you stay away from any IVA with more than 15% failure rate.
3. Find Out IVA Fees
Most people looking for IVA firms think that it doesn’t matter to check the cost of their services since the service fees are taken out of your payments. Unfortunately, this could always affect you in the future. In the case an IVA fails, you will inherit some of these fees. Thus, it is very important that you find out how much your intended IVA charge in service fees.
4. Reliability and Experience
Another important factor to consider when searching for the right IVA firm is experience and how reliable the company is. Available data showed that only 63% of IVA was able to complete successfully. You need to look for an experienced IVA that you can trust.
Final Words
Searching for the right IVA can be tough. Unfortunately, it is necessary that you consider these factors listed above. We hope that the information above can help you find a reliable IVA. Additionally, you can search online for IVA help and advice before choosing a firm that you want to work with.
