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Costs and Fees

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What Does an IVA Cost?

If you decide an IVA is the best option, we will put together a proposal to your creditors free of charge, and full details of all costs will be included in your IVA proposal.

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

A typical example of an IVA

This example includes any costs and fees that are payable.

*Example IVA figures are based on average Advice Debt client in 2022.

Loan

£10,000

Overdraft

£1,000

Credit Card

£8,095

Store Card(s)

£3,500

Total Owed

£22,295

Your monthly payments:

£564

Before an IVA

Paying an extra £416

£148

With an IVA

Debt reduced by 61%

What will I pay for the IVA?

At Advice Debt, there’s never any hidden fees or charges – our expert support and guidance is always provided without cost. Don’t let debt get you down; take advantage of the free advice we offer today!

Our free consultation will help you gain a better understanding of the financial situation you are in, and our online IVA calculator can give you an estimate of what to expect when applying for this debt solution. After your creditors accept your Individual Voluntary Arrangement (IVA), only then will there be any payment from yourself involved – with fees and costs covered by monthly payments that suit both parties.

What will I pay for the IVA?

With an IVA, your creditors agree to accept affordable monthly payments towards settling debt. This means there’s no need for extra costs – the fees are included in these standard repayments so you can rest assured knowing all is taken care of!

Nominees Fee
A Nominee fee is in place to assist you with taking the necessary steps towards submitting an Individual Voluntary Arrangement proposal to your creditors. The cost of this service varies based on who they are and how much money will be offered each month as part of the agreement – it could range from five payments into the IVA or up to £2,000. Ultimately, all decisions must be approved by credit holders before being made official.

Supervisor Fee
The Supervisor fee is 15% of any further contributions to cover the on-going costs of the IVA.

Other Costs
When you set up an IVA, there are additional costs beyond the payment plan to creditors. These expenses – known as disbursements – cover everything from insurance and system maintenance fees to third-party payments and registration with The Insolvency Service. Depending on your personal financial situation, extra charges might be necessary for valuations of any properties owned or legal counsel; these will become clear after drafting your proposal, yet require approval by lenders before finalised. Crucially though: if a full debt repayment occurs during the course of this agreement or failure ensues at any point in time no refund can be expected for such upfront funds spent regardless.

IVA Costs and Fees Explained

Are the fees paid for by me?
During an IVA, your creditors often foot the fees for you as part of their agreement with you. But if life throws a curveball and suddenly offers up enough money to satisfy all debts in full - such as from inheritance or lottery winnings - then it's time to close out your arrangement by also paying off any outstanding IVA costs!
When can I make my first payment?
Our consultations come without any cost or commitment - you don't need to make a decision until your creditors accept an IVA. Then, only then will payment plans begin.
Do all companies who offer an IVA charge Fees?
The simple answer is yes, you cannot administrate and IVA for free. No matter who what organisation you speak to you the costs and the process is exactly the same are the same.
Fee Breakdown
With an IVA, you can rest assured that certain expenses incurred when dealing with your finances - such as postage and insurance costs - will be taken care of. Your exact fees are outlined in the proposal given to you by lenders; these fees often depend on what kind of monthly contribution is made. Based on a contribution of £150.00 per month these are the fees below.

Nominee’s fees – £1,000
Supervisor’s fees – £1,117
Supervisor’s costs – £800

Struggling with unaffordable debt?

An Individual Voluntary Arrangement could be the solution you need. IVAs can help reduce your monthly repayments to an amount that’s more realistic for your budget, so instead of worrying about money owning you, you’re back in control!

For a better understanding of how it works and potential fees associated with this plan tailored to fit your situation – get in touch now: Advice Debt on 0800 470 3448

When considering an IVA, you want to make sure that all necessary costs and fees associated with administration are explained completely. At Money Advice, we pride ourselves on our excellent service; not only will everything be discussed in detail but also the fixed fee agreed by creditors is spread out evenly over the course of your agreement – best of all, it won’t come out of your pocket! As one Britain’s leading providers for Insolvency Practitioners, rest assured knowing that expert guidance is always within reach.

Advice Debt – UK leading debt advice and IVA specialist.

Our team of experts help thousands of families every year across the UK get their finances back on track.

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We've already helped 1,000 people this year

Our team of experts help thousands of families every year across the UK get their finances back on track.

Is an IVA right for you?

We can discuss your eligibility for an IVA

Prefer to speak later?

We will offer guidance, support and a solution at a time that suits you.

*To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.

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