IVA Companies: Best Providers and Red Flags to Avoid

Choosing an IVA company can feel overwhelming. Some firms are excellent. Others are lead generators selling your data, or high-volume “mills” that prioritise setups over your long-term success. This guide helps you tell the difference. You’ll learn which established providers have strong track records, what red flags mark a company you should avoid, and how to verify you’re dealing with a legitimate, licensed Insolvency Practitioner.

What Does an IVA Company Actually Do?

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An IVA company employs or contracts with licensed Insolvency Practitioners (IPs) who set up and manage your Individual Voluntary Arrangement. The IP performs three distinct roles throughout the process:

1. Advisor: They assess your financial situation, calculate what you can afford, and explain whether an IVA is suitable. Crucially, they must discuss all debt solutions — not just IVAs. This includes Debt Management Plans, Debt Relief Orders, and bankruptcy. If a firm only pushes IVAs without mentioning alternatives, that’s a red flag.

2. Nominee: If an IVA is appropriate, the IP prepares your proposal and submits it to creditors. At least 75% of voting creditors (by debt value) must approve. The Nominee negotiates on your behalf to secure acceptance.

3. Supervisor: Once approved, the IP supervises your IVA for 5-6 years. They collect your monthly payments, distribute funds to creditors, conduct annual reviews, and handle any variations if your circumstances change.

All fees come from your monthly payments. Legitimate firms do not charge upfront. Typical total fees range from £3,650 to £4,300 over the life of the IVA, comprising:

• Nominee fee: £1,000-£2,000 for setting up the arrangement
• Supervisor fee: 15-20% of your total payments for managing it over 5-6 years
• Disbursements: £500-£1,000 for admin costs, postage, and legal notices

These fees are agreed by your creditors as part of the proposal, not set arbitrarily by the IP.

Best IVA Companies in the UK

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The following firms are established, reputable IVA providers with strong track records. We’re not ranking them 1-10 (that creates false precision and legal risk), but profiling each so you understand what makes them different. The Insolvency Service publishes annual IVA outcomes data where you can check completion rates by firm.

StepChange

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StepChange is a national debt charity offering free debt advice and IVAs. They’re regulated by the FCA and their IPs are licensed by the Insolvency Practitioners Association. Their Trustpilot rating is 4.5/5 based on thousands of reviews.

Key points: No upfront fees (though IP fees during the IVA are standard). As a charity, they’re perceived as impartial with no commercial pressure. They handle all debt solutions, not just IVAs, so you’ll get advice on alternatives if an IVA isn’t suitable. Limitations: As a high-volume provider, some users report slower response times compared to smaller boutique firms.

Creditfix

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Creditfix is the UK’s largest-volume IVA provider. They have over 43,000 reviews on Trustpilot with a 4.9/5 rating. As a commercial firm specialising in high-volume IVA processing, they’ve refined their systems for efficiency.

Key points: Strong review profile and established processes. Their scale means they’ve handled virtually every scenario. Limitations: High volume can sometimes lead to completion certificate delays. Some users report waiting several months after their 60th payment for final paperwork. Ask about their average completion certificate timeline before committing.

PayPlan

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PayPlan operates a hybrid model with charity-like ethics but commercial structure. They have a 4.5/5 Trustpilot rating and are particularly well-regarded for Debt Management Plans and Debt Relief Orders as well as IVAs.

Key points: Known for a “human touch” approach. They take time to understand your situation and won’t rush you. Strong on discussing alternatives. Limitations: As a mid-sized provider, their capacity can be stretched during high-demand periods.

PennyPlan

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PennyPlan is a tech-forward IVA specialist with integrated wellbeing services. They have a 5/5 Feefo rating and name their IPs publicly (e.g., Guy Damian Withey, IPA Registration 9455).

Key points: Modern digital platform makes the process smooth. 76% of customers use their wellbeing support services for mental health and financial stress. Transparency around named IPs builds trust. Limitations: As a newer entrant, they don’t have the decades of track record that older firms do, though their early performance is strong.

Begbies Traynor

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Begbies Traynor is an AIM-listed firm with over 100 offices nationwide and 80+ partners. They specialise in both corporate and personal insolvency. Trustpilot rating: 4.9/5.

Key points: The scale and professionalism you’d expect from a listed company. They handle complex cases well, including business debts and self-employed situations. Strong compliance and regulatory adherence. Limitations: Their corporate structure means they may feel less personal than smaller firms.

Hanover Insolvency

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Hanover Insolvency has been operating since 2010, based in Greater Manchester. They’re IPA-authorised and offer no setup fees. They have specific expertise in Scottish insolvency law.

Key points: Regional specialists with strong local knowledge. Particularly good if you’re in Scotland where the law differs (5-year limitation vs 6 years in England/Wales). Transparent about fees upfront. Limitations: Smaller firm, so capacity is limited compared to national providers.

Bennett Jones

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Bennett Jones is a specialist insolvency practice based in Cheadle. They have over 600 Google reviews and 1,200+ Feefo reviews, nearly all 5-star.

Key points: Exceptional review profile. Long-standing reputation for trust and expertise. Personal service from a dedicated team. Limitations: As a smaller firm, they may have longer wait times for initial consultations during busy periods.

Financial Wellness Group

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Financial Wellness Group is a wellness-led provider focusing on sustainable, affordable monthly payments. They’re known for high management success rates and a holistic approach to debt.

Key points: Focus on long-term success rather than quick setups. Emphasis on making sure payments are genuinely affordable to avoid IVA failure. Limitations: Less well-known than some larger firms, though their performance data is strong.

IVA Companies to Avoid: Red Flags

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You won’t see us name specific “worst” companies (legal risk), but we can tell you the behaviours that mark firms you should avoid. If a company exhibits any of these red flags, walk away.

1. Cold Calling or Unsolicited Contact

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Legitimate IVA firms do not contact you out of the blue. If you receive unsolicited phone calls, texts, WhatsApp messages, or social media ads claiming you “qualify for debt write-off,” that’s a lead generator or scam, not a real IVA provider.

Licensed IPs don’t cold call. They respond to enquiries you initiate. If you didn’t contact them first, don’t engage.

2. Upfront Fees Before Approval

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No reputable IVA company charges fees before your IVA is approved and active. The 2021 IVA Protocol explicitly prohibits pre-approval charges for legitimate providers.

If a firm asks for an “assessment fee,” “setup fee,” or “consultation fee” upfront, they’re breaking industry standards. Walk away immediately.

3. Guaranteed Acceptance Claims

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No IP can guarantee your IVA will be accepted. Acceptance requires at least 75% of your voting creditors (by debt value) to agree. Some creditors routinely reject proposals, especially if they hold a large portion of your debt.

Any firm claiming “100% success rate” or “guaranteed approval” is lying to you. This is a deliberate attempt to mislead.

4. Specific Debt Write-Off Percentages Promised Upfront

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You’ll see ads claiming “Write off 90% of your debt!” or “Reduce debt by 75%!” before they’ve even assessed your income and expenditure.

The amount written off depends entirely on your individual circumstances: your income, essential expenses, how much you can afford to pay over 5-6 years. No firm can predict this without a full assessment. If they’re promising specific percentages upfront, they’re not being honest.

5. Not Discussing Alternatives

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A legitimate IP has a professional and ethical duty to discuss all debt solutions before recommending an IVA. This includes DMPs, DROs, bankruptcy, and the Breathing Space scheme (60 days of protection while you get advice).

If a firm only talks about IVAs and doesn’t mention whether you’d qualify for a Debt Relief Order (which costs just £90 and lasts 12 months), they’re prioritising their commission over your best outcome.

6. No Physical Office Address

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Reputable firms have a physical office address, not just a phone number or PO box. Check Companies House to verify the business is registered with a real trading address.

If a firm only provides contact via mobile phone or operates exclusively online with no registered premises, that’s a major red flag. Licensed IPs must have a verifiable business presence.

7. Pressuring You to Sign Quickly

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A good IP will give you time to consider your options. If you’re being pressured to “sign today” or told “this offer expires tonight,” that’s a high-pressure sales tactic, not debt advice.

You should never be rushed into an IVA. Take your time, read everything carefully, and get a second opinion if you need one.

8. No Named Insolvency Practitioner

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Every IVA must be managed by a named, licensed Insolvency Practitioner. You should know who this person is before you commit. Their name, licensing body (IPA, ICAEW, ICAS), and registration number should be provided.

If the firm can’t or won’t tell you which IP will handle your case, don’t proceed. You can verify any IP’s license on the Insolvency Service register.

9. Bait-and-Switch Tactics

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Some firms advertise “low-interest loans” or “debt consolidation loans” to attract leads. When you apply, they tell you you don’t qualify for the loan — but surprise! You’re perfect for an IVA instead.

This is a deliberate bait-and-switch. They never intended to offer you a loan. They’re using it as a hook to sell IVAs. Legitimate providers are transparent about what they offer from the start.

10. Social Media Ads from “IVA Companies”

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Many “IVA companies” advertising on Facebook, Instagram, or TikTok are not IVA providers at all. They’re lead generators.

Here’s how it works: You fill in a form thinking you’re contacting an IVA firm. Instead, your details are sold to a “ping tree” — a network of buyers bidding on your data in real time. The highest bidder gets your information and contacts you. Your data may be sold to multiple firms (shared leads) or just one (exclusive leads).

The firm that eventually contacts you may be legitimate, but you’ve lost control of your personal information. It’s been auctioned off before you even spoke to anyone.

Genuine IVA providers don’t need to advertise heavily on social media. They get referrals from debt advice services, regulated FCA firms, and their existing reputation.

The IVA Mill Problem

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“IVA mills” are high-volume firms that prioritise the number of IVAs they set up over the sustainability of those arrangements. Their business model is based on maximising setups, not maximising completions.

How to spot an IVA mill:

• They rush the initial assessment and don’t spend time understanding your situation
• They don’t thoroughly stress-test your budget for potential changes (job loss, reduced hours, unexpected expenses)
• Their failure rates are high — reliable firms maintain sub-15% failure rates; mills can hit 40-70%
• They don’t adequately explain what happens if your circumstances change

The problem with IVA mills is that many arrangements fail in months 12-24 when the initial “honeymoon period” ends and real-life pressures hit. If your IVA fails, you’ve paid money into it but you still owe the original debt. Creditors can resume collection, potentially through court action or bankruptcy.

How to Choose the Right IVA Company

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Use this practical checklist to vet any firm you’re considering:

1. Check the IP is Licensed

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Every Insolvency Practitioner must be licensed by one of these bodies:

• Insolvency Practitioners Association (IPA)
• Institute of Chartered Accountants in England and Wales (ICAEW)
• Institute of Chartered Accountants of Scotland (ICAS)

Verify the IP’s license on the Insolvency Service register. If they’re not listed, don’t proceed.

2. Look for a Physical Office

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Check Companies House for the company’s registered address. Visit their website and confirm they have a real office, not just a PO box or virtual office. If possible, check Google Street View to verify the premises exist.

3. Read Independent Reviews

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Check Trustpilot, Feefo, and Google Reviews. Ignore testimonials on the company’s own website (they’re curated). Look for patterns in negative reviews:

• Do multiple people mention completion certificate delays?
• Are there complaints about poor communication?
• Do reviewers mention being rushed into signing?

A few negative reviews are normal (no company is perfect), but look for consistent patterns of problems.

4. Ask About Failure and Completion Rates

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Directly ask: “What’s your IVA failure rate?” and “What’s your average completion rate?”

Reliable firms should be transparent about this. Industry average failure is around 30-35%. Firms significantly above this should be questioned. Also ask: “How long does it typically take to issue completion certificates after the final payment?”

If they’re evasive or won’t answer, that’s a red flag.

5. Confirm They’ll Discuss All Alternatives

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Ask: “Will you explain all debt solutions available to me, or just IVAs?”

A good advisor will discuss:

• Debt Management Plans (if you can repay in full but need lower payments)
• Debt Relief Orders (if you owe under £30,000, have minimal assets, and very low income)
• Bankruptcy (if you have no assets and can’t afford any payments)
• Breathing Space scheme (60-day protection while you decide)

If they only talk about IVAs, walk away.

6. Ask About the 2025 Protocol Changes

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The IVA Protocol was updated in 2025. One significant change: homeowners are no longer required to attempt mandatory equity release in year 5. If remortgaging isn’t possible, the IVA extends by 12 months instead.

Ask the firm: “How do you handle equity release under the 2025 Protocol?”

If they don’t know what you’re talking about or reference the 2021 Protocol, they’re not up to date with current standards.

7. Understand Lead Exclusivity

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Ask: “Are the leads you work with exclusive or shared?”

Exclusive leads mean your data goes to one firm only. Shared leads mean your information is sold to multiple buyers. Shared leads often result in multiple firms calling you, which is stressful and indicates the original “company” was just a lead generator.

If they can’t answer or don’t understand the question, be wary.

8. Check FCA Registration

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If the firm provides regulated debt advice (not just IVA services), they must be FCA-registered. Check the FCA register for their Firm Reference Number (FRN).

Not all IVA firms need FCA registration (IPs are regulated by their licensing bodies), but if they’re offering broader “debt advice,” they do. If they claim to be FCA-regulated but you can’t find their FRN, that’s a major red flag.

What Happens If Your IVA Company Goes Bust?

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This is a concern people don’t often think about, but it’s important. If the company managing your IVA goes into administration or ceases trading, your IVA doesn’t fail.

Here’s what happens:

Your arrangement continues: The Insolvency Service or another licensed IP takes over supervision of your IVA. Your payments and progress are fully preserved. You don’t start again from scratch.

You don’t lose your progress: All the payments you’ve made still count. The new supervisor picks up where the previous one left off.

This has happened before: When large firms have collapsed or merged, customers’ IVAs were transferred to other providers without any loss of progress. Your legal protection under the Insolvency Act 1986 remains in place regardless of which IP supervises your arrangement.

If this happens, you’ll be contacted by the new supervisor explaining the transfer. Your payment details and terms remain the same unless you and the new IP mutually agree to a variation.

IVA Company Fees Compared

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All reputable firms charge similar fees because they’re bound by the IVA Protocol and creditors must agree to the fees. Here’s what you’ll typically pay:

These fees come from your monthly payments. You do not pay anything extra upfront or on top of your agreed payment.

Example: If you pay £120/month for 60 months (£7,200 total) and fees are £3,800, creditors receive £3,400 and the remaining debt is written off.

Important: Charities like StepChange charge the same fee structure. “Free advice” means the initial consultation is free, not that the IVA itself is free. All IPs — charity or commercial — charge nominee and supervisor fees during the IVA. These fees are agreed by creditors, not set arbitrarily by the IP.

Some firms claim to be “cheaper,” but in reality, they’re just splitting the fees differently or being less transparent. The total cost over 5-6 years is broadly similar across reputable providers.

Who Regulates IVA Companies?

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IVA regulation involves multiple bodies:

Insolvency Practitioners

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All IPs must be licensed by one of these professional bodies:

• Insolvency Practitioners Association (IPA): The largest licensing body for personal insolvency IPs
• Institute of Chartered Accountants in England and Wales (ICAEW): Licenses IPs who are chartered accountants
• Institute of Chartered Accountants of Scotland (ICAS): The Scottish equivalent

You can verify any IP’s license on the Insolvency Service register. If an IP’s license is suspended or revoked, they can no longer practice.

Debt Advice Firms

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If a company provides regulated debt advice (explaining your options before you enter an IVA), they must be authorised by the Financial Conduct Authority (FCA). You can check their FCA registration on the FCA register.

Not all IVA firms need FCA authorisation (IPs are regulated separately), but if they’re offering general “debt advice,” they do.

The Insolvency Service

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The Insolvency Service is a government agency that oversees the UK’s insolvency framework. They maintain the public register of IPs and handle complaints about Insolvency Practitioners.

If you have a complaint about your IP, you first complain to their licensing body (IPA, ICAEW, or ICAS). If you’re not satisfied with the response, you can escalate to the Insolvency Service.

The IVA Protocol

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The IVA Protocol is a voluntary industry code of practice followed by most reputable IVA providers. It sets standards for:

• How IVAs are proposed and approved
• How creditors should respond
• What happens if an arrangement needs to be varied
• Equity release requirements (updated in 2025)
• Completion procedures

Firms that follow the Protocol display this on their website. If a firm doesn’t follow the Protocol, ask why. There may be legitimate reasons, but it’s worth understanding.

If you’re struggling with debt and want to find out what options are available, use our free IVA calculator to see how much you could write off.

Frequently Asked Questions

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How do I find the best IVA company for me?

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Start by checking the IP is licensed on the Insolvency Service register. Read independent reviews on Trustpilot and Feefo. Ask about their failure rate and how long they take to issue completion certificates. Make sure they discuss all debt solutions, not just IVAs. Compare 2-3 firms before deciding. Use our IVA calculator to check if you qualify, then speak to a licensed IP for free, impartial advice.

Can an IVA practitioner make me bankrupt?

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Yes, but only in specific circumstances. If your IVA fails (you stop making payments and don’t remedy the breach), and there are sufficient funds in the arrangement to cover bankruptcy costs, the IP can petition for your bankruptcy. However, most IPs will try to work with you first — arranging payment breaks or variations — before taking this step. If you’re struggling, contact your IP immediately. Early communication can prevent IVA failure.

What’s the difference between an IVA company and a lead generator?

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An IVA company employs or contracts licensed Insolvency Practitioners who actually set up and manage IVAs. A lead generator is a marketing firm that collects your details through ads or websites, then sells your information to IVA firms (or other debt companies). Many “IVA companies” you see on social media are actually lead generators. They use “ping trees” to auction your data to the highest bidder. Genuine IVA firms have named IPs, physical offices, and don’t need to advertise aggressively on social media.

How long should it take to get my completion certificate?

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Industry standard is 8-12 weeks after your 60th (final) payment. Some firms issue certificates within 4-6 weeks. Others take 6+ months. This delay is frustrating because until you receive the certificate, you don’t have official proof your IVA is complete. Ask prospective firms: “What’s your average completion certificate timeline?” If they’re evasive or won’t answer, consider that a warning sign. Check reviews to see if others mention delays.

Are IVA companies on social media legitimate?

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Many are not. Social media ads for “debt write-off” or “IVA companies” are often lead generators, not actual IVA providers. They collect your details and sell them to real firms. Legitimate IVA companies don’t rely on aggressive social media advertising. They get clients through referrals, regulated debt advice services, and word of mouth. If you’re approached via Facebook, Instagram, or TikTok, verify the company thoroughly before sharing personal information.

What if I’m unhappy with my IVA company after starting?

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You can complain to the IP directly first. If that doesn’t resolve it, escalate to their licensing body (IPA, ICAEW, or ICAS). If still unresolved, contact the Insolvency Service. In extreme cases, you can change IPs, but this is complex and requires creditor agreement. It’s far better to choose carefully upfront. If your IP is unresponsive or you feel mis-sold, document everything and follow the formal complaints process.

Do IVA companies charge upfront fees?

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No. Legitimate IVA firms following the IVA Protocol do not charge fees before your arrangement is approved and active. All fees come from your agreed monthly payments during the IVA. If a firm asks for upfront payment — called an “assessment fee,” “setup fee,” or “consultation charge” — they’re not following industry standards. Walk away immediately. This is one of the clearest red flags.

Ready to check if you qualify for an IVA?

Use our IVA calculator to get an instant assessment. Takes 2 minutes, free, no impact on your credit score. If you qualify, we’ll connect you with licensed, reputable Insolvency Practitioners for free advice.

For more information about IVAs:

• What is an IVA? — Complete guide to how IVAs work
• Is an IVA Suitable for Me? — Check if an IVA fits your situation
• IVA Pros and Cons — Honest advantages and disadvantages