Press Release 17/04/08
LOOK BEFORE YOU LEAP – CONCERNED DEBTORS URGED TO SEEK SUPPORT FROM IVA COMPARISON SITE
- Rising numbers of borrowers opting for IVAs as credit options crumble
- User reviews guide newcomers to best insolvency practitioners
DESPAIRING debtors considering throwing in the towel as the credit crunch catches up with them should seek advice from those who know best – other debtors – before acting, says IVA comparison site IVA.com.
“With thousands of borrowers expected to see help with their debts this year, it’s likely that some will chose a solution that’s not right for them simply because they don’t know which is the most suitable option,” says IVA.com’s Terry Balfour.
“In the same way that you might read another traveller’s review of a hotel before booking it for yourself, researching and reviewing an insolvency practitioner before putting your future in their hands makes solid business sense,” he says.
Take-up of Individual Voluntary Arrangements – IVAs – is expected to soar this year as an alternative to the unpalatable option of bankruptcy. But the success of this debt solution vehicle depends on making considered, informed decisions – something that can be very difficult for those struggling with unmanageable debt.
There are nearly 1,000 IVA providers listed on IVA.com’s database covering the whole of the UK. The service allows clients to find an Insolvency Practitioner who is close enough for them to meet face to face and helps them to avoid putting their financial security in the hands of a firm that cannot deliver.
“By reading the reviews of other people’s experiences of IVAs, newcomers to the debt solution arena can find impartial advice and take comfort from the knowledge that they are not alone,” says Balfour.
A simple rating system quickly shows new visitors to the site whether an IP firm comes recommended or not. For instance, one firm was recently given ten out of 10 for the service it provided to an IVA.com user who clearly felt a huge weight lifted from their shoulders thanks to the advice and support they received.
At the other end of the spectrum, one firm scored very poorly indicating that they might not currently be the best place to seek advice on the suitability of an IVA.
Communication, sensitivity and a thorough understanding of the IVA market are crucial to the success of the arrangement. It’s imperative that people find the right IVA provider who will be able to help them – and with the comparison tool that IVA.com offers, looking for the best practice is straightforward.
“Entering an IVA is a big decision. If I was thinking of taking a big step like this I would like to hear from someone else who had been in the same situation,” Balfour adds.
“Only when people in serious debt have all the tools that are available to help them, will they be able to make choices that will lead them towards a steady and successful recovery.”
– Ends –
General enquiries: 0800 324 7011 / www.iva.com
Terry Balfour, Director
0800 324 7011
Lucie Ager, Consultant
01273 774109 / 07796 878263
David Andrews Media Ltd
David Andrews, Senior Consultant - Director
01273 774109 / 07941 255855
David Andrews Media Ltd
Founded by its managing director Terry Balfour in 2007, IVA.com is the first IVA comparison website in the UK. It is a free interactive online service for consumers looking for an IVA firm most suitable to their needs. Its database has over 1,000 UK-based IVA firms and insolvency practitioners (IPs). IVA.com brings transparency to the market by employing its unique rating system based on the real experiences of IVA customers. There are over 500 reviews and many more ratings that provide people with details of how IVA firms are performing.
IVA.com enables smaller firms to compete more effectively with the larger IVA factories.
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