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If you’ve decided an IVA is right for you then you’re now probably thinking about the bottom line, the all-important question: How much does this cost?
Depending on your circumstances, the cost of an IVA will change. Some people may pay more than others and every solution is tailored to an individual’s specific debts. Therefore, there is no one-size-fits-all model.
During the approval process, your insolvency practitioner will detail how much you’ll be paying so you know exactly how much the IVA will cost each month.
Understandably, you might be wary about paying for anything during this time. After all, you’re in debt and probably trying to conserve money. Fortunately, there are no upfront costs and all fees for the proposal and supervision of your IVA are paid through the monthly payments.
As a result, this is something you won’t need to worry about until your IVA has actually been approved. Speaking of which, if your IVA is rejected, you will not be charged.
We understand your financial situation and won’t put you into further debt by charging you high upfront fees.
As mentioned, there is no one-size-fits-all figure for how much an IVA costs. However, based on customer data, we’ve included a breakdown of IVA fees. This should give you an idea of just how much you can expect to eventually pay on the IVA by the time it ends.
The costs for the IVA are divided into three areas:
We’ve detailed each of these below so you know exactly what to expect:
The nominee fee is the charge for those activities taken before the IVA is approved. During this period, the insolvency practitioner acts as your nominated representative to help get your IVA over the line.
The nominee fee covers such tasks as:
If your IVA is not approved, then you will not be charged for these expenses.
If your IVA is approved, the supervisor fee broadly covers the day-to-day activities associated with managing the IVA. During this time, your insolvency practitioner works on such tasks as:
Broadly, the costs of an IVA cover the supervisor and nominee fee. However, the insolvency practitioner may also incur expenses during this time – some of these can actually be recovered from your monthly payments.
These expenses could cover miscellaneous costs such as insurance and registration fees.
Details of estimated expenses will be included in your IVA proposal before you agree to the terms. Moreover, during this stage, you have the power to negotiate this fee.
Whether you feel this is good value depends on your circumstances. However, many consider the costs incurred in an IVA a small price to pay for financial control. If you want to find out more detailed information, you can again, refer to our IVA fees page.
If you want to apply though, click the button below:
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk