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IVA Misselling

 

Some Insolvency Practitioners have, over the last number of years, begun mass marketing IVAs as a no-hassle alternative to bankruptcy. The general public tends to have a negative connotation towards the idea of bankruptcy so some dubious IVA companies feel that they can easily steer people in whatever direction they want.

An Insolvency Practitioner (IP) should have several meetings with each of their clients to discuss and investigate their options and determine if an IVA is right for their situation. There have been cases reported of clients not even speaking with an IP during the process and many more of IPs suggesting than an IVA is the only solution. This is irresponsible and could end up causing you serious financial difficulty in the future. For example, people that don’t have any assets or equity are probably better served by getting a bankruptcy order. There are also a lot of people that could get their finances in order just by simply making a budget and sticking to it or by being more conscientious with their spending.

One thing that we want to emphasise is that there isn’t one debt solution for everyone. If you’re feeling pressured into one solution you should seek other advice.

An IVA company has a duty to care for their clients and to offer them the best advice, which means that they will be turning away some business. It is not acceptable to ask someone in debt if they want to get an IVA and then take that answer at face value without going through the repercussions of such an important decision.

As a full service debt solutions provider, IVA.net prides its self on offering debt solutions that are catered to your specific needs, whatever they may be.


Are you eligible for an IVA ?

Try our simple debt solution calculator to find out.


To get the best information for your circumstances it is always recommended to speak with a qualified adviser. We could be helping you in a few short minutes in a friendly, no-obligation chat : Request a call back or call us on 0800 043 3329

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