IVA Specialists

Introduction to IVA Specialists

If it is clear that you need to take out an Independent Voluntary Agreement you will need to use the services of an IVA Specialist. It is a complex area to deal with and as rules and regulations change so often you will need to know that the people handling your transaction are up to the job. It may be that this is not the best way forward for you, or you may not qualify, but it is important to take all the advice you are given.

Many people may see an IVA as an easy way out of their debt and while it is a better option than being declared bankrupt, it must still be taken seriously. When you need this service you will be very vulnerable and it is important that you feel comfortable with the people answering your questions and sorting out your finances.

What Should You Expect From Your IVA Specialist?

You can expect them to be sympathetic and always act in your best interest. While the companies they are dealing with may want as much as possible to be paid back, there needs to be a sensible decision made as to how much can be afforded. They will explain to the creditor that this is the only way they will get anything back, as without this sort of agreement you may be declared bankrupt and then they will get little or nothing.

What is The View of the IVA Specialist?

IVA specialists predict that there will be rise in the amount of people who are looking to set up an IVA. A lot of money has been put onto credit cards and loans have been taken out which people are now struggling to pay back. In the same way they are now short of money, the companies they have borrowed from will also be looking to bring in money so will be chasing the debts. They are also seeing a rise in the amount of money owed. Even though the limit to apply for an IVA is £15,000 many are coming to see them with debts of up to £30,000.

Banks had previously been unhappy about accepting IVAs but now have to accept that in some cases this is the only way that they will get any money back at all. As they imagine there will be more people becoming bankrupt they need to reclaim all the income they can.

A good specialist will also make sure that you are aware of the downside of taking on an IVA. They do not have to be accepted and so you should be advised that you must make a sensible offer of repayment or it may not be taken seriously. They should also make sure that you are aware of the likelihood of being asked to value your house. Under some circumstances you may be asked to sell but often you will have to take any equity into account.

This is an area where you should not try to cut corners and carry out this negotiation yourself. The IVA specialist will be doing all they can to make sure you get the best deal and are not left still in debt or failing to meet your repayments.