Can't speak about Insolvency Helpline but can speak about IVAs generally.(posted 7896 days ago)IVAs are a good thing in a very narrow set of circumstances: where there is no dispute over the size of the alleged debt(s), where the lender can prove or evidence the alleged debt(s)(and is or actually has gone to court over it), where there are several lenders - all of whom are effectively fighting each other for a slice of your (presumably) small financial pie, and where you cannot and will probably never be able to afford to pay back the total *proven* loan.
If the above conditions do not apply - and it sounds like they don't - then an IVA is among the worse things you can do (next to making yourself bankrupt).
A better course of action is to sit tight and allow the lender to decide for itself whether or not it stands solidly behind its alleged debt claim (by issuing a court claim). If it decides that it does then sure, consider offering an IVA (before the case comes to court). If they do actually issue a court claim (as opposed to issuing threats of a court claim) you'll probably achieve more by making a £2,000 offer.
But all of this is irrelevant until Bradford and Bingley decides that it will stand behind its debt claim...
Lee
But you