The fact that there are more companies offering individuals advice on how best to deal with debt problems is good news. There are some really good firms offering sound, useful and honest advice. There are also those just wanting to earn a quick buck
London, London (PRWEB) December 4, 2006
An IVA is a good debt solution for some people, but according to Ostrich, an IVA specialist, getting honest advice from an expert is key to making the right decision.
Personal insolvencies are continuing to reach record highs with personal Bankruptcy and an IVA being the most common debt solution. The issue for individuals in debt are which companies are 'sharks' and which are offering good advice and the right solutions.
The latest insolvency statistics released, show there were 12,228 IVAs in the quarter three of 2006, a huge increase of 118 per cent on the same period a year ago and a rise of almost 10 per cent on the previous quarter.
The number of bankruptcies was also up by almost 27% on last year's figures at 15,416 which is almost 3% higher than the previous quarter. The total number of personal insolvencies was 27,664, a rise of over 55% on the same period in 2005 and almost 6% on the previous quarter.
"The fact that there are more companies offering individuals advice on how best to deal with debt problems is good news. There are some really good firms offering sound, useful and honest advice. There are also those just wanting to earn a quick buck," explains Richard Fullam of Ostrich.
An IVA is a good alternative to bankruptcy for many individuals so how can you know whose IVA advice to trust? Here are the key questions worth asking:
- Will you be charged for this advice? Any reputable company does NOT charge upfront fees. Good insolvency practitioners are happy to bear the initial risk and are happy to get remunerated by the creditors when you are successful in getting your debt under control and life free of debt stress.
- Does your company employ insolvency practitioners or are you an agent? To ensure you get best advice you need to ensure you're not talking to middlemen or agents and you're getting good honest regulated advice.
- What is your success rate in obtaining agreement to an IVA? 80% is not that good, 90% is a good performance and anyone who tells you they get near 100% success is likely to be stretching the truth.
- Are you willing to meet me face-to-face? A back street company, middleman, or agent is unlikely to meet you. Reputable companies would be happy to meet you at their offices if it helped you or the process.
Ostrich is led by experienced IVA specialists and insolvency practitioners licensed with the Insolvency Practitioners Association, Association of Chartered Certified Accountants and the Department of Trade and Industry.
Visit Ostrichfs.co.uk [http://www.ostrichfs.co.uk __title__ IVA - Ostrich]