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Wednesday, February 18, 2009

IVA Company Search

By Sara Young

If you are looking for an IVA company then you should be choosy in the marketplace. There are so many companies advertising the best debt solutions in the world that it is hard to know which one to choose if you happen to be panicking about your finances, let alone taking the time to check into the individual company's background. However, most debt solutions rely on a gentlemans agreement rather than actually providing you with the peace of mind that a fixed and legally binding agreement can bring.

If you want to get a proper debt solution that you can trust, you should register with an IVA company. The IVA company will help you communicate with your Insolvency Practitioner (IP) who will be overseeing your IVA. It is very hard to find a good IP with a good reputation. Fortunately, finding a reputable IVA company is not as hard.

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

1. Always seek out a recommendation or opinion if you already know someone that has gone through the IVA process. This could be invaluable in helping your find a reputable company or avoiding a poor one!

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. A company should not claim that they will guarantee you an IVA. It is not possible to know if your IVA will be successful until most of the companies that you owe money to have agreed to it. So if they say that you are guaranteed to get an IVA, they are not reliable, and beware of them. Remember - if something sounds too good to be true - then it probably is too good to be true.

5. The last important point is that you should look for a refund guarantee on any payments that you need to make before the IVA is completed. If you don't get such a guarantee and your IVA is turned down, the IVA company does not have to give you your money back. If you make sure that you get such a guarantee, you save yourself money and aggravation in the future.

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