What is an IVA going to cost?
 
Finding out if an Individual Voluntary Arrangement is going to be the right debt solution for you doesn't cost anything. We'll talk to you about your financial circumstances and help you to decide if an IVA suits someone in your situation. Then, should you feel that an IVA is an appropriate debt solution, we'll get it set up.

Drawing up the IVA proposal that will be put to your creditors and then managing the IVA is a delicate process, requiring the services of a licensed Insolvency Practitioner. The IP is the only person authorised to handle an IVA and will advise you of the costs incurred through a Letter of Engagement. These costs are agreed with your creditors and cover the set up and management of your IVA. The charges are then deducted from your monthly debt repayment though, not in addition to it.

The cost of your IVA is relative. For many people, it's the only realistic alternative to bankruptcy and that could end up costing you a lot more in the long run. Also, as the charges are worked out in agreement with your creditors and the payment taken as part of your monthly debt repayment, you'll not actually notice the charges. Instead, the administrative costs are just built into your outstanding debt.




For more information see:
What is an IVA?  
 
     

 

 
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