I've been told I can't do an IVA, what should I do?

Get a second opinion from our IVA Advice Unit

We receive a lot of calls and emails from the public asking; "I've been told I can't do an IVA, what should I do?".

Money Advice Direct receive 1000’s of calls each month from the public asking for a second opinion on their case because they have been told that an IVA is not viable.

If an IVA is not viable then maybe a debt management plan or bankruptcy is more suitable.

Please beware of 'profit making debt management'“ organisations who tell you that you cannot do an IVA because they want you to take up one of their products or services
Please beware of Large 'IVA factory' type companies who do not take on cases that appear difficult because they are too busy or not skilled enough to do a good service.

A second opinion from the IVA Advice Unit

By getting a second opinion from Money Advice Direct you can get a different perspective on your options. Some IVA Insolvency Practitioners are more conservative and others more aggressive. There may be good arguments for several different options; getting a second option can be a good way to hear some of them.

Another IVA Insolvency Practitioner might come up with a completely different and promising option - one that your first IVA Insolvency Practitioner didn't think of, or didn't know about. It happens - no IVA Insolvency Practitioners can know everything or make the right decision all the time.

A second opinion can also serve a general quality check - to make sure you're really getting the most up to date, most effective IVA advice.

Here is a list of some reasons why you might want a second opinion if you’ve been told you can't do an IVA. This should help focus your thinking, but there is no cookbook answer for when you need a second opinion. So you'll need to consider your situation and think about whether you might benefit.

If You Have Been Given No Hope but to go bankrupt.

Many debtors are told there's no hope and that bankruptcy cannot be avoided. In this case, there's certainly nothing to lose by getting a second opinion, but there is a chance, however small, for a huge gain, since if the previous debt advice provided was made in error, a second opinion could avoid bankruptcy.

Sometimes debts deemed non-negotiable by debt advice provider are found to be negotiable by another. Sometimes canvassing the creditors on the case could change the their prospective

If There is Something "Borderline" About Your Case

If your case is viable for an IVA, but not quite, or conversely almost “IVA-able” but not quite, you might want a second opinion. You might either save yourself unnecessary interest charges or you avoid bankruptcy.

If You Live in a Rural Area

If you live in a rural area and get advice from a local advice centre, it may pay to get a consultation from a larger IVA advice company. We are not saying you can't get good advice from a small advice centre, but we have heard some real horror stories of bad advice provided by unqualified staff.

Independent Advice from Money Advice Direct

You want your second opinion to be independent - so you should choose a debt organisation that doesn't have a close relationship with your creditors. Debt advice companies who practice together with the banks are likely to think similarly, and might tend defer from best advice.

An Individual Voluntary Arrangement - IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled.

If you have been told that you can't do an IVA and want to know what should you should do please complete the following form or telephone 0800 074 6918.

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IVA's

The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.

In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]

What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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I've been told I can't do an IVA, what should I do?

Get a second opinion from our IVA Advice Unit

A second opinion from the IVA Advice Unit

If You Have Been Given No Hope but to go bankrupt.

If There is Something "Borderline" About Your Case

If You Live in a Rural Area

Independent Advice from Money Advice Direct

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