Are you struggling with debt and considering an Individual Voluntary Arrangement (IVA) as a solution?
Finding the right IVA company can make a world of difference to achieving your aims of financial stability.
With numerous IVA companies in the UK market, it can sometimes be hard to know which is the best IVA company for you.
Choosing the best IVA company is crucial. This is not a one-day debt solution, it is a 5-6 year arrangement that means you want a company that will provide you the best service whenever you require assistance.
So what makes a good IVA company?
Read on and we’ll discuss the best IVA companies, alongside explanations for their inclusion in the list.
Top IVA Companies 2024
Our compilation of the best IVA companies is compiled based on extensive research, customer feedback and services provided by the debt advice company that go the extra mile.
Our list for the best IVA companies is as follows;
StepChange
CreditFix
Johnson Geddes
Each of these companies offers unique features and benefits to help you set up an IVA with an affordable monthly payment plan to manage your debts.
1. PennyPlan
Our list of the best IVA companies start with PennyPlan, a first of its kind IVA provider.
As well as providing a 5-Star service, we prioritise mental health and provide free mental wellbeing services in all of our IVA plans.
We are the only company in the UK providing free mental wellbeing services within their IVAs.
And our customers have been utilising this free service. 76% of our customers have had a chat with our well-being team, even though it is an optional service.
Their IVA practitioners are registered with the Insolvency Practitioners Association (IPA) and have over 20 years of experience helping people looking for a debt solution.
With 5-Star reviews, additional well-being services and an experienced team, PennyPlan remain a popular choice for customers seeking proven IVA debt advisors.
2. StepChange
StepChange are one of the established debt charities, well known for providing debt advice to UK residents.
Although not a specialist IVA firm like PennyPlan, they do provide a range of debt options to people seeking information on the debt options available. This makes StepChange a well rounded choice to provide IVA advice.
Their FCA approved debt advisors can advise on a range of other debt solutions such as a debt management plan or debt relief order.
3. CreditFix
CreditFix are the largest IVA providers in the UK.
Based in Glasgow, Scotland, they manage clients monthly payments to IVAs across the UK.
Their inclusion on the list is based on the volumes of their positive reviews, and their experience IVA debt help sector.
4. Johnson Geddes
Johnson Geddes are a small insolvency practitioners based in Cheadle, Stockport.
The firm specialise in individual voluntary arrangement solutions, and have well over a decade of experience in the sector.
Their inclusion on the list is based on the experience of their qualified insolvency practitioner, alongside their time helping customers with IVA plans.
What to Consider When Choosing an IVA Company
Selecting the best IVA company for your needs is vital for a successful debt resolution.
Key factors we recommend to consider are:
Reputation and customer reviews
Fees and costs
Informing you of all debt solutions available
The qualifications of the insolvency practitioner
An understanding of the IVA process.
Here’s why you need to consider these factors when choosing the best IVA firms for you.
Reputation and Customer Reviews
Checking a company’s reputation and customer reviews is essential in determining their reliability and success.
Reputable IVA companies will have a history of positive customer reviews on trusted, independent review platforms, such as Feefo or Trustpilot.
It is important to remember that not all reviews are created equal.
Be sure to read multiple reviews and examine both positive and negative feedback to gain a comprehensive understanding of the company’s performance.
In addition to this, make sure recent reviews aren’t primarily negative. Whilst some companies can have an overall great score on review sites, sometimes the more recent can represent a company who no longer provide the same service they once did.
An example of this is usually an IVA firm who have lost good customer service when growing, or certain IVA companies that have recently moved their IVA process to another location.
By thoroughly checking IVA reviews, you can be more relaxed that you are selecting an IVA company that has a proven track record of delivering successful outcomes for their clients.
Fees and Costs
Every company offering an individual voluntary arrangement as a solution should be transparent about fees and costs, before you enter into the arrangement.
In an actual IVA there are only 2 types of fees, a nominee fee and a supervisor fee.
These two fees are not charged directly to you, but come out of the contributions you make towards your creditors within the agreement.
Dismiss any company that demands up front fees for setting up an IVA proposal. This is a surefire sign that they are not a reputable debt advice firm.
You should not be required to make any other payments other than your monthly payments to the IVA plan.
Information On All Debt Solutions Available
All the best IVA debt advice companies don’t just provide information on one solution, but every option that is available to you.
This is what is known as a best advice protocol.
Even if you feel an IVA is a good option, your Insolvency Practitioner should discuss all other debt solutions such as debt management plans, debt relief orders and bankruptcy.
Failure to do so could mean the company isn’t looking out for your best interests, and is only providing information on options that they are financially motivated by.
Sometimes, this could mean the firm actually recommends you to speak to other debt management companies.
Before committing to an IVA company, explore the different debt solutions available and consult with your qualified debt advisor to ensure you make the best decision for your circumstances.
Insolvency Practitioner Qualifications
Verifying the qualifications and experience of the Insolvency Practitioner handling your case ensures you’re in safe hands, and they are competent in providing IVA services.
Insolvency Practitioners are required to complete the Joint Insolvency Examination Board (JIEB) exams and possess at least three years of experience in insolvency and debt management.
As you are going to appoint this firm as your IVA supervisor for 5 to 6 years, it is important that you check they have the necessary regulation.
This will provide you with the confidence and peace of mind that your financial situation is being managed by a knowledgeable and skilled professional.
The IVA Process
By now, you probably are already well-versed in what an IVA is.
To summarise, an IVA is a legally binding agreement between you and your creditors, designed to help you repay your debts through manageable monthly payments over a fixed period.
This fixed period is usually five or six years. At the end of the term of your IVA, debt write off occurs where the remaining balances are cleared.
To obtain an IVA, there is a process to be followed that enhances your chances of approval.
The IVA process includes:
Preparing an IVA proposal with the assistance of an Insolvency Practitioner
Getting your IVA approved at the creditors meeting
Making regular monthly payments to your creditors
Completing the IVA after adhering to the terms through its duration
If the above has all been completed, then as discussed earlier the remaining debt would be written off and you will be free from your unsecured debts.
Tips for a Successful IVA Experience
An IVA journey can be both challenging and rewarding.
To ensure a successful IVA experience, it is very important to maintain consistent, open communication with your Insolvency Practitioner and stick to your agreed-upon budget.
Doing this demonstrates your commitment to the IVA process, tackling your unsecured debts and increases your chances of successfully completing the debt solution.
Another key component of a successful debt management is your own mental health throughout the IVA duration.
Maintaining a positive and proactive attitude throughout the process can be tough if you are not prioritising your own well-being throughout the plan.
Debt stress doesn’t stop once you have consolidated your debts into one affordable monthly payment, and the effects of being in debt can be further reaching than you first considered.
By being mindful of your mental wellbeing alongside sound debt advice, you will be a good place to achieve your aims of a debt-free future.
Common IVA Myths Debunked
There is a lot of readily available information about IVAs which can if not from experienced, unbiased sources can result in some misleading advice around debt solutions.
Debunking these myths is crucial to ensure you have accurate information when considering an IVA as a debt solution.
Some common IVA myths include;
Guaranteed acceptance
Unrealistic debt write off claims
IVAs negatively impact employment prospects.
Guaranteed Acceptance
In short, there is no such thing as guaranteed acceptance. Creditors must approve an IVA, and there is no guarantee they will accept the proposal.
However an Insolvency Practitioner should be able to inform you of the likelihood of acceptance.
Unrealistic debt write off claims
While IVAs can provide significant debt write off, claiming an amount or percentage to be written off before assessing your financial circumstances is misleading.
Only once your IVA proposal has been sent to creditors, you will have an estimation of how much debt could be written off once completed. This however, can always change if your circumstances do during the course of the IVA.
IVAs negatively impact employment prospects
For most people, an IVA does not impact your employment prospects. There are few small sections of jobs that have to get authorisation from their employer such as an accountant, however the vast majority of people do not require this.
To state an IVA negatively impacts your your employment prospects is extremely misleading, considering the small minority who may need to consider their options.
If you are unsure, speak to your insolvency practitioner who will discuss whether or not you need to speak to your employer.
For the vast majority, the answer will be no.
Summary
In conclusion, finding the best IVA company is crucial to achieving your aims of a debt-free future.
By considering the companies on our list of top IVA companies, which has evaluated key factors such as reviews, transparency, experience and Insolvency Practitioner qualifications, you should be in a good position to make an informed decision in finding the right debt solution for you.
Remember, any firm worth discussing with will always provide free debt advice based on information of your financial situation.
This could include debt charities, or organisations that prioritise your well-being alongside commercial motives.
With the right support and guidance from a reputable IVA company, you can gain the right debt relief solution and regain control of your life.
The journey may be challenging, but the rewards of a debt-free future are well worth the effort.
Frequently Asked Questions
Who is the best company for an IVA?
Based on our review of the available companies, we recommend PennyPlan as the best all-round provider of IVAs for your debt concerns.
How do I choose an IVA company?
When selecting an IVA company, it is important to check reviews and be sure others have had a positive experience. Avoid companies that do not display reviews.
Is there a bad side to an IVA?
Entering an IVA has both pros and cons. Some of the more notable down sides are a negative impact on your credit rating and being unable to apply for more credit for its duration.
Are all IVA companies the same?
No, not all IVA companies are the same. They differ in terms of their additional services such as additional mental well-being help, and their customer service reviews.
Therefore, it is important to compare different companies when considering an IVA.
What is an IVA company?
An IVA company is a professional service that specialises in creating and managing an Individual Voluntary Arrangement (IVA) to help you repay debt.
An IVA is a legally binding agreement between you and your creditors that allows you to pay back your debt over a period of time.
