If you think an IVA is the best answer to your debt problems, your next challenge is to find the right provider. An Individual Voluntary Arrangement (IVA) can only be put in place by a licensed Insolvency Practitioner (IP), which narrows the field. However, there are still a lot of firms to choose from. Phil Nuttall, co-owner of IVA and PTD specialists, Varden Nuttall Ltd, has this advice to offer:
‘First and foremost, look for a company with solid experience,’ says Phil. ‘Take Varden Nuttall, we’ve been around for more than 15 years and have two IPs with over 50 years combined insolvency experience, helping clients around the country deal with personal insolvency issues and setting up thousands of IVA debt solutions. What’s more, we’re recognised as one of the top 10 insolvency firms in the UK.’
Credentials are important, too. ‘Check out the firm’s commitment to complying with debt management regulations,’ advises Phil. ‘Membership of one or more professional bodies is always a good sign. Through its parent company, Release Money Group, Varden Nuttall is a founder member of both the Debt Resolution Forum (DRF) and the Association of Professional Debt Solution Intermediaries (APDSI). It shows our dedication to pushing up standards of service and quality within our industry, and helping as many people as possible become debt-free.’
Time is often of the essence when it comes to putting a debt solution in place. So you’ll want to choose a provider that has the resources to get your IVA up and running as soon as possible. With more than 50 staff, Varden Nuttall has the people-power to prepare your IVA proposal in just a few days, and hold your creditor meeting within four to six weeks. Says Phil: ‘Many of our clients come to us with intolerable stress levels, knowing we’ll do our best to get their IVA sorted out in a month helps relieve some of that pressure.’
Other IVA Providers have different criteria for taking on clients, whereas Varden Nuttall tend to be more flexible and try to help anyone regardless of their circumstances and severity of their situation.
If your IVA is accepted and implemented, your IP will be appointed supervisor to distribute your monthly payments to all your creditors and make sure the IVA stays on track. That’s a legal requirement, but in reality you should be looking for much more from your IVA provider. ‘We go the extra mile at Varden Nuttall,’ says Phil. ‘We’re always on hand to answer your questions and offer help and advice throughout your IVA. What’s more, we can introduce you to other Release Money Group services that will help you improve your financial situation and manage your money better in the future. It’s all about what’s right for you.’
Visit the Varden Nuttall website for more information on IVAs, and to find out if you qualify for a Varden Nuttall IVA. Or call free on 0800 804 7530 for instant debt advice.