IVAs are administered by the bankruptcy professionals (IP), and many are based around the United Kingdom As in all walks of life though, some are better than others, so finding a reputable IP when the one is not always straight forward.
A common way of finding an IP is to use an intermediary company IVA. The mediator IVA company will assess your case and, if an IVA is proving to be a viable option, they usually suggest a reputable IP firms to help you. This in itself can lead to uncertainty because, as the bankruptcy professionals, some intermediary IVA companies are better than others.
The choice of which IVA companies use is important.
So, how does a person decide which the IVA company is the most suitable from the many available to choose from?
A good starting point is to use an IVA company that was recommended by someone you know. However, if it is not possible, using the internet is a useful way to find the IVA company which offers this service, but be careful.
Use the tips below to establish which IVA company that you are most comfortable with:
A. Be comfortable with the counselor you speak.
Ought to be able to discuss any aspect of your financial, personal and sometimes, the circumstances to them. Your counselor should have a good knowledge of the IVA process, and can use their experience to guide you forward.
2. Do not use an IVA company that insists on charging a fee for preparing the paperwork.
There are several excellent IVA company to do this work for free.
3. Be sure that the IVA company that you are using has carried out a thorough review of your circumstances.
To be advised on which actions you should take it is important that they really understand your true situation.
4. Be sure that they communicate through all your alternatives.
This may include the Bankruptcy, other payment plans and perhaps even a consolidation loan or a re-mortgage.
5. Beware of an IVA company to suggest that an IVA is a foregone conclusion.
In fact the success of an IVA is based on the decision of the creditors. A good insolvency practitioner, however, will always err on the side of caution and use his experience to assess each new case before commencing his work. This not only saves the necessary time, effort and cost, but also goes some way to reassuring clients that, all things considered, a successful IVA is a likely outcome.
6. Are not attracted by IVA companies IVAs offer unrealistically low payment.
It can easily be given a false sense of security, but the reality is that the repayments of the IVA is based on what you can reasonably afford, not what some clever sales people are trying to make you feel will be acceptable to creditors. Large write-off in numbers is very persuasive, but by no means guaranteed. Creditors ask for the changes in your payments to your creditors meeting if they feel that you can reasonably afford to payback more money, and IVA will not proceed if you can not agree on changes. So be sure you think the payments that you offer is fair and reasonable.
7. Look for a money back guarantee.
Once you have decided that an IVA is your best choice, be sure that, if the insolvency practitioner takes pre paying creditors meeting, the funds are refundable should your application be successful.
8. Let your instincts guide your decision.
Do any one IVA company is the only one to help you. If you think that an IVA company will offer something good to be true, ask them questions to test and measure their advisers response. Do not forget, if you are in any doubt, get a second opinion.
Finding the most suitable IVA company to help you is so important, like, do not forget, this company will be presenting your case to your creditors, so you need to make sure you found the right.
Remember, communication is the key to a healthy relationship, so once decided, keep all channels open!
The Iain Wrenshall is a senior loan counselor for My IVA advisor If you want to call and discuss your personal circumstances about IVAs, or any other related problems of debt, you are welcome to call 0800 088 7503 . Give you free, clear, concise and accurate debt advice. We specialize in helping people find the best solution available to them. All your details will remain confidential, and our small, expert team on your side to guide you troubled waters.
A common way of finding an IP is to use an intermediary company IVA. The mediator IVA company will assess your case and, if an IVA is proving to be a viable option, they usually suggest a reputable IP firms to help you. This in itself can lead to uncertainty because, as the bankruptcy professionals, some intermediary IVA companies are better than others.
The choice of which IVA companies use is important.
So, how does a person decide which the IVA company is the most suitable from the many available to choose from?
A good starting point is to use an IVA company that was recommended by someone you know. However, if it is not possible, using the internet is a useful way to find the IVA company which offers this service, but be careful.
Use the tips below to establish which IVA company that you are most comfortable with:
A. Be comfortable with the counselor you speak.
Ought to be able to discuss any aspect of your financial, personal and sometimes, the circumstances to them. Your counselor should have a good knowledge of the IVA process, and can use their experience to guide you forward.
2. Do not use an IVA company that insists on charging a fee for preparing the paperwork.
There are several excellent IVA company to do this work for free.
3. Be sure that the IVA company that you are using has carried out a thorough review of your circumstances.
To be advised on which actions you should take it is important that they really understand your true situation.
4. Be sure that they communicate through all your alternatives.
This may include the Bankruptcy, other payment plans and perhaps even a consolidation loan or a re-mortgage.
5. Beware of an IVA company to suggest that an IVA is a foregone conclusion.
In fact the success of an IVA is based on the decision of the creditors. A good insolvency practitioner, however, will always err on the side of caution and use his experience to assess each new case before commencing his work. This not only saves the necessary time, effort and cost, but also goes some way to reassuring clients that, all things considered, a successful IVA is a likely outcome.
6. Are not attracted by IVA companies IVAs offer unrealistically low payment.
It can easily be given a false sense of security, but the reality is that the repayments of the IVA is based on what you can reasonably afford, not what some clever sales people are trying to make you feel will be acceptable to creditors. Large write-off in numbers is very persuasive, but by no means guaranteed. Creditors ask for the changes in your payments to your creditors meeting if they feel that you can reasonably afford to payback more money, and IVA will not proceed if you can not agree on changes. So be sure you think the payments that you offer is fair and reasonable.
7. Look for a money back guarantee.
Once you have decided that an IVA is your best choice, be sure that, if the insolvency practitioner takes pre paying creditors meeting, the funds are refundable should your application be successful.
8. Let your instincts guide your decision.
Do any one IVA company is the only one to help you. If you think that an IVA company will offer something good to be true, ask them questions to test and measure their advisers response. Do not forget, if you are in any doubt, get a second opinion.
Finding the most suitable IVA company to help you is so important, like, do not forget, this company will be presenting your case to your creditors, so you need to make sure you found the right.
Remember, communication is the key to a healthy relationship, so once decided, keep all channels open!
The Iain Wrenshall is a senior loan counselor for My IVA advisor If you want to call and discuss your personal circumstances about IVAs, or any other related problems of debt, you are welcome to call 0800 088 7503 . Give you free, clear, concise and accurate debt advice. We specialize in helping people find the best solution available to them. All your details will remain confidential, and our small, expert team on your side to guide you troubled waters.
