IVA Companies To Avoid ⚠️ Do’s & Don’ts, Things To Consider & Who To Choose In 2023

If you’re interested in getting an IVA (individual voluntary agreement) in place, you’re likely searching the internet for IVA companies to apply through. An IVA is a formal, legally binding agreement for those who are overindebted but don’t wish to file for bankruptcy. IVA companies make it possible for you to strike an agreement with your creditors to pay your debt back over time. While you’re in an IVA, your creditors cannot charge you interest or chase you for payments. While there are some great IVA companies out there, there are several IVA companies to avoid. 

These are the IVA Companies To Avoid in 2023 ⚠️

The FCA (Financial Conduct Authority) has an IVA list of companies that have been stopped for encouraging vulnerable customers to action insolvency due to conflicts of interest. In some instances, these firms have manipulated the income and expenditure of clients to ensure that they meet the criteria for an IVA or other debt packages. The firms to watch out for include:

• Assist UK Group Limited
• Two Financial Services Limited
• Consumer Money Worries Ltd
• Faith Financial Solutions Ltd
• Action On CIO

Top 4 Companies We Recommend For Instant Debt Solutions UK ✅

• Viva Debt Help : Useful Platform to Request Contact from Reputable, Accredited IVA Companies in the UK
• Help My Debts Pro : Reputable Platform to Use When You Want to Ensure You’re Being Connected with Best IVA Company Third-Party via One Simple Online Form
• Debt Nurse : Ideal Platform to Visit If You’re Actively Looking for IVA Reviews and Want Your Details Forwarded to Leading IVA Debt Solution Advisors
• 123 Debt Fix : Helpful Platform to Use to Indicate You’d Like Contact and Advice from Third-Party Best IVA Companies UK

For starters, when looking for the best IVA company, you’ll need to spend some time reading current IVA reviews to ascertain which ones are no-go options on the market. You’ll also need to apply some logic and avoid those who make alluring yet unrealistic claims or have extremely high rates of failure – these are the IVA companies to avoid.

If you’re looking for professional and reliable advice from a qualified debt advisor, you can fill out a form via one of the platforms reviewed below. Your details will be forwarded to a debt solution advisor most qualified to assist you, which operates according to FCA regulations (so you’ll know they aren’t IVA companies to avoid).

ALSO READ: Best HMRC Debt Management Solutions UK

Full Reviews of Our Top Best Recommended Companies to Connect with Leading IVA Solution Advisors UK ✅

Viva Debt Help: Useful Platform to Request Contact from Reputable, Accredited IVA Companies in the UK

If you’re looking for peace of mind when applying for an IVA, the Viva Debt Help platform is a must. Here, those investigating IVAs as an option for repaying their debt can quickly request contact from accredited IVA companies. 

How does it work? It’s simple; all you need to do is fill out a quick, confidential online form. Once submitted, a third-party debt advisor will then contact you to discuss the options available to you, and from there, you can choose a solution most appropriate to your needs and circumstances. 

When connecting with third-party debt solution advisors or IVA companies via Viva Debt Help, those who qualify can possibly write off debts over £5000. What’s great about setting a debt solution in place is that interest rates and fees on debts are frozen, and creditors cannot contact you to pester you for payments. Note any advice you may receive is provided without obligation, which means that you could decide not to choose any option if that’s what you feel is best for you.

Accredited third-party IVA companies you’ll be connected with Viva Debt Help typically offer assistance for several types of debt, including store cards, personal loans, credit cards and even council tax. 

Pros:

• Potentially write off over £5000 in debt
• Interest rates/fees stopped during the term of your agreement
• Reputable third-party advisors will be in touch with you

Cons

• Fees apply for accepted debt solutions.

Help My Debts Pro: Reputable Platform to Use When You Want to Ensure You’re Being Connected with Best IVA Company Third-Party via One Simple Online Form

If you want to avoid trawling through a multitude of IVA companies trying to decipher which is best, Help My Debts Pro is the platform for you! Here you can save precious time trying to resolve your outstanding debts by completing a single online application form. 

If you have consented to be contacted, a third-party debt advisor will contact you via phone, email or text to discuss your financial situation. It’s helpful to have your bank statements and salary slips available as the details of your current debt, as the advisor will need information regarding your income and expenses and the situation to provide accurate advice on how to repay your debt. 

All initial advice is provided to you without the obligation to select a solution; however, should you wish to proceed, fees apply and form part of your IVA payments each month.

Pros:

• No obligation advice
• Single online form
• Quick access to reputable third-party debt solution advisors

Cons

• Will affect your credit score for at least 6 years.

Debt Nurse: Ideal Platform to Visit If You’re Actively Looking for IVA Reviews and Want Your Details Forwarded to Leading IVA Debt Solution Advisors

Avoid the hassle of searching for reputable IVA debt solution advisors by using the Debt Nurse website. Completing a simple online form will refer your details to an appropriate third-party debt advisor. Don’t worry; your information is confidential, and the Financial Conduct Authority regulates all third-party advisors.

Once your details are referred, a debt advisor will contact you via text, phone or email to discuss your current financial circumstances and provide solutions to repay your debt. Choosing a solution that best suits your needs is entirely up to you. Should you enter into a debt solution, applicable fees will be explained and detailed in the documentation sent to you.  

What’s great about the service is that it saves you time, could save you money, and ensures that you don’t get involved with IVA companies that should be avoided. In addition, debt Nurse has a growing reputation in the industry for connecting over-indebted individuals with debt solution providers that can present viable and workable solutions to mounting or ill-affordable debt.

Pros:

• Single online form to connect with third-party debt assessment expert
• Potentially reduce your debts
• Referral to a regulated debt advice solution provider

Cons

• Fees apply for all solutions, including IVAs/debt management plans

123 Debt Fix: Helpful Platform to Use to Indicate You’d Like Contact and Advice from Third-Party Best IVA Companies UK

123 Debt Fix is a helpful platform well-reputed for connecting over-indebted Britons with reputable and accredited third-party debt solution providers in the UK. The platform is absolutely simple to use. All you have to do is input some of your particulars, which will be securely forwarded to third-party debt advisors most qualified to assist you. 

You’ll receive a call from a friendly advisor who will discuss your financial position with you and present an IVA as a possibility. That said, IVAs aren’t always best suited to all situations, so your advisor may offer alternative options for you to consider, such as a debt relief order or a debt management plan. If you take on an IVA, you can expect interest charges to be frozen on your account. And best of all, your insolvency practitioner will deal with your creditors, so you won’t have to worry about embarrassment or being pestered. 

When you’re over in indebted, it’s easy to become overwhelmed and stressed, but with the help of a calm, qualified, and approachable advisor, you can expect to understand your options better and be able to make a sound decision that’s right for you and your financial situation. As always, there’s no obligation to proceed with the options presented – the choice is entirely yours.

Pros:

• No pesky calls from creditors
• Interest is frozen on debts
• Get some breathing room to get your finances back in order

Cons

• Fees applied on accepted deals/packages

IVA List of Dangers of Getting Involved with a Bad Reputation IVA Company

If you’re looking for an IVA list of dangers, here are some to consider. When you get involved with an IVA company with a bad reputation, you’re at risk of:

Things To Consider When Looking For An IVA

If you work with an IVA company that manipulates figures to ensure your deal goes through, it’s considered fraud. Not only that, but you could find yourself in excess debt thanks to fees or an IVA that lasts for an extended period. If you note that your IVA agreement will work out to far more than your initial debt over the long term and in terms of monthly instalments, it’s not a good idea to go ahead with the deal. It’s best to seek out further debt advice from qualified and reputable advisors who are in compliance with the regulations set out by the FCA.

Upfront Fees

It cannot be easy to know how to handle the setup of an IVA if you’ve never done it before. When fees are quoted, you may automatically assume that it’s the norm. After all, all companies charge fees, even if it’s a company that’s helping you get out of debt. That said, paying fees in advance is not a good idea.  

If an IVA company requests that you pay upfront fees for the initial introductory meeting or the setup, they’re one of the IVA companies to avoid. Always look for IVA companies that don’t charge additional fees before you’ve even got the agreement underway.

That’s not to say that insolvency practitioners don’t usually charge fees – they do – but they usually kick in when the arrangement is in place and forms part of your IVA payments. They’re not expected as a separate payment.

IVA Fails that Result in Breach of Contract

When you have an IVA in place, it’s a legal and binding contract. While the creditor is legally required to follow the terms of the agreement, so are you. While your IVA is in place, your creditors cannot charge interest on your debt and cannot chase you. Instead, they will use your insolvency practitioner or debt manager as the go-to.

 Your agreed monthly payments must be made on time. If your income increases or you make additional income, you must let them know so your deal can be adjusted. You also cannot take out new credit. Those are the basics of an IVA. 

Now, if you get involved with a bad IVA company, you may find that your payments aren’t made over on time or in full to your creditors, which could have you in breach of contract. Reading online reviews is, therefore, vital to better understand what to expect when using the IVA company of your choice. 

Conclusion

Setting up an IVA is good if you cannot afford monthly expenses. However, it’s also important that you don’t unwittingly get involved with IVA companies which should be avoided at all costs. To ensure that you don’t apply for help through IVA companies to avoid, make sure that you seek out debt solution advice from an unbiased provider with qualified and experienced consultants who can furnish you with details of your options so that you can make an educated decision. If it feels like an IVA company is pushing you to make a decision or punting a particular package that may over-indebt you or put you in a bad position, avoid them at all costs.

FAQ’s

What is an IVA Completion Certificate? 

While your IVA is in process, you may find yourself longing for it to be over and for you to be back on your financial feet once more. The reward for sticking to your IVA is that you’ll receive an IVA completion certificate at the end. This can be used if you wish to apply for credit in the future. The individual voluntary arrangement certificate states and confirms that you have completed paying your IVA and that you’re now legally released from the terms of the agreement with your creditors and your IVA provider.

What Can I Use My IVA Certificate of Completion For?

The IVA certificate of completion recognises that you’ve completed your IVA, and you can now enjoy your life without debt payments hanging over your head. It’s a fresh start and provides the opportunity to build up your credit score once more. You’ll receive the IVA certificate of completion as a letter from your insolvency practitioner.

How Long Does It Take Finance Support Systems to Register My IVA is Complete?

When your IVA is complete, you’ll receive a letter from your insolvency practitioner confirming that you’re no longer legally bound. The insolvency practitioner will also inform the insolvency service that your IVA is complete. It can take up to 3 months before you are removed from the public insolvency register.

Where Can I Find the Best IVA Companies UK?

You can find multiple IVA companies in the UK online. If you’re looking for the best IVA companies UK, it’s a good idea to chat with a professional debt solution advisor who can present you with a list of IVA companies to avoid and those you can trust. If you visit our recommended platforms, you can connect with professional third-party debt advisors who can help you understand your options to make the best decision for you. They include Viva Debt Help, Debt Nurse, 123 Debt Fix, and Help My Debts Pro.

Where Can I Read Reliable IVA Reviews?

You could simply search for IVA reviews from customers who have used the service in your area via Google. Additionally, Trust Pilot and REVIEWS.io are great sources.

How Do I Know if an IVA Company is in Compliance with FCA Regulations?

All financial services firms, including IVA companies, must be authorised by the FCA in the UK. Being authorised means that the company meets particular standards and follows the expected rules and terms. The terms in place ensure that individuals are fairly treated and the products that are presented to you are suitable. 

You can easily check if an IVA company is FCA authorised by checking the Financial Services Register. When you check the register, it will also tell you what activities the firm has permission to carry out. You can search using the company’s FRM (firm reference number) or the company name. 

Disclaimer: All debt solutions should be very carefully considered. The websites advertised in this paid promotion do not provide debt advice. If you complete the form and provide permission to be referred, they will pass your details onto a regulated debt advice solution provider. All the partners they use are regulated by the Financial Conduct Authority to provide debt counselling. The websites advertised work exclusively with trusted debt solution providers. If you proceed with one of their solution options, they may receive a fee for introducing you to them. The websites advertised are lead generation companies who pass your details onto third parties in order to help you with your debt solution.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.