It is possible to be scammed when seeking help with an Individual Voluntary Arrangement (IVA). An IVA is a legally binding agreement that allows you to reach an agreement with your creditors to pay off your debts over an extended period of time. It is typically overseen by an insolvency practitioner, who is responsible for assessing your financial situation and determining whether an IVA is a suitable option for you.
Unfortunately, there are individuals and organizations that may try to take advantage of people who are struggling with debt by offering scams and fraudulent services. Here are a few things to watch out for to avoid being scammed when seeking help with an IVA:
- Upfront fees: Be wary of companies that charge upfront fees for IVA services. It is generally not necessary to pay fees to initiate an IVA, and you should be suspicious of any company that asks for upfront payment.
- Pressure to sign: Be cautious of companies that try to pressure you into signing an IVA or any other legal document without giving you time to review it thoroughly or seek independent advice.
- Unsolicited offers: Be wary of unsolicited offers of help with an IVA, particularly if you did not initiate contact with the company.
- Inaccurate information: Be cautious of companies that provide inaccurate or misleading information about IVAs or other debt-relief options.
If you are considering an IVA, it is a good idea to research the company or individual you are working with and to be cautious of anyone who seems to be trying to take advantage of your situation. It is also a good idea to speak with a financial professional or an attorney for advice if you have any concerns about the legitimacy of an IVA offer.