Best Companies

IVA companies are financial organisations that specialise in providing Individual Voluntary Arrangements (IVAs) to individuals who are struggling with debt. They work with creditors to create a manageable repayment plan that allows individuals to pay off their debts in a reasonable timeframe and avoid bankruptcy.

When searching for the best IVA company, individuals should consider the track record of successful IVA arrangements, their accreditation and licensing, their fees and charges, and their level of customer service and support. It's important to do thorough research and compare multiple companies before making a decision.

The benefits of using an IVA company include reducing overall debt, freezing interest and charges on to debts, stopping legal action from creditors, and providing a structured repayment plan that fits an individual’s budget. Additionally, using an IVA company can help avoid the stigma and negative impact of bankruptcy.

IVA companies are able to work with most types of unsecured debts, including credit card debt, personal loans, and store cards. However, they typically cannot help with secured debts such as mortgages or car loans. It's important for individuals to discuss specific debts with an IVA company to see if they can be included in an arrangement.

The duration of an IVA can vary depending on an individual’s circumstances, but they typically last for 5-6 years. During this time, individuals will make regular payments to the IVA company, which will distribute them to their creditors. Once the agreed-upon timeframe is completed, any remaining debts included in the IVA will be written off.

Using an IVA company to manage debts will have an impact on an individual’s credit score, as it is a form of insolvency.