IVA companies: What do they do?

IVAs are one of a range of debt solutions. When deciding whether an IVA is right for you, it’s important to consider all of your options.

Our online solutions finder will look at all the options available to you and recommend one suitable for your situation. Or, if you prefer to speak to someone, you can give us a call.

If you decide an IVA is the best way to deal with your debts, an insolvency practitioner will need to set up it up and manage it. 

IVA practitioners might work independently or they might work for a company offering a range of debt solutions. 

Either way, your IVA practitioner will draft your repayment proposal and present it to your creditors.  

If the proposal is accepted, the insolvency practitioner will then supervise your IVA. 

All insolvency practitioners charge a fee for this work. 

Any fees will be set out in your IVA proposal and need to be approved by your creditors. 

If you get debt advice from us and we recommend an IVA, we can pass you over to our trusted partner the insolvency practice Freeman Jones. They’ll double-check an IVA is right for you and guide you through the process. 

They won’t charge anything upfront – fees will only be taken from the agreed amount(s) paid to your creditors once your IVA has been approved. 

There are lots of companies that offer IVAs. In the right circumstances, an IVA is a great product but it isn’t the only debt solution available. This is why it’s crucial to get impartial debt advice before deciding what’s right for your situation. 

Unfortunately, not all companies are committed to serving their customers’ best interests and may recommend an IVA when more suitable options are available. Find out what red flags to look out for when choosing an IVA company.