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Wednesday, February 18, 2009

IVA Company Search

By Sara Young

There are a lot of companies offering IVAs and debt help. How do you pick the best one? That is a good question that many people ask themselves. It is very important to choose the right IVA company, yet it is hard to check each company's background with a clear mind when you are so worried about your debt.

The only way to achieve peace of mind with a debt solution is to employ an IVA company to act as an intermediary between yourself and an Insolvency Practitioner (IP). An IP is the only individual that is authorised to oversee your IVA, and the one you choose should have a good reputation. It is easier to find a good IVA company than an IP, but even this process can be baffling!

If you want to save yourself time and hassle then follow these tips:

1. If you know somebody who has already went through the process of getting an IVA, ask them about their experience. This will help you figure out if you want to use that IVA company or not.

2. Phone some IVA companies to get an idea of what you want. Arrange meetings with 2 or 3 of those companies so your options are not limited. Make sure you are comfortable talking to the advisor on the phone, and if you are not - just don't pick that IVA company as one you would like to meet with.

3. You should not have to pay for the preliminary paperwork or for the initial consultation. If a company tries to charge you for that work - don't use them. They should also completely analyze your situation before they come up with a plan of action. If you don't feel they did a good job on the analysis - just go on to another IVA company.

4. There is no guarantee that you will get your IVA, and any company that claims they will guarantee your IVA is just trying to get your money and should not be trusted. The reason for this is that an IVA can only be successful once the majority of your creditors agree to its terms. So stay away from any such claims or guarantees.

5. Finally, if you have to pay expenses before your IVA application has been completed then make sure that the paperwork you sign has a refund guarantee if your application is turned down. The IVA company is under no obligation to refund any money to you if your application is refused so always ask that particular question before signing on the dotted line and handing over any money!

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