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IVA secret 6: Go directly to an Insolvency Practitioner

IVA secret 6: Go directly to an Insolvency Practitioner

by admin on 25 February 2008

IVA secret 6:
Once you are certain that an IVA is best for you, go directly to an Insolvency Practitioner
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Debt Management companies do offer a debt advice service. In addition they justify the fees on the basis that they ensure the IVA receives approval. Their argument is that you will have an advocate for your IVA, but the fact is that, besides giving initial advice, their overall value is, in my opinion, questionable. There is little that a debt management company can do that a customer focused Insolvency Practitioner cannot also do.

Sometimes Debt Management Companies claim that by collating your Statement of Affairs for the IP they are doing work cheaper and that saves on fees. That is not the case. An IP usually has an assistant prepare a draft of the Statement of Affairs anyway, so, if you come to the IP reasonably prepared the IP’s assistant can quickly organize it and present it to the IP for review.

If you want to do an IVA, you are probably better off going directly to the Insolvency Practitioner after you have taken initial advice that an IVA is the best move for you.

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