After all, an IVA is best suited to those in difficult financial positions. We understand why you might be hesitant about paying for something else during this time.
The good news is, with MoneyFixers, you won’t have to pay any upfront fees – in fact, you probably won’t have to worry about making any IVA payments for a while.
At a time when you might be trying to cut back on expenses, it might seem illogical to spend money on IVA fees. However, there are no upfront fees when setting up an IVA if you go through MoneyFixers.
All costs for setting up an individual voluntary arrangement, the IVA proposal and supervision of your IVA are paid through the monthly payments you make if your individual voluntary arrangement is approved. If your IVA is rejected, then you will not be charged at all.
An IVA Proposal is the document which is given to your creditors to consider the arrangement terms, they will vote in favour or against. If 75% of the creditors agree to the terms, then the IVA is approved.
There is no one-size-fits-all IVA cost, and each one is charged differently depending on your financial situation. This debt solution is designed to help you deal with your debts and the fee is directly related to how much money you owe so the ongoing costs and fees involved with IVAs depend on your financial situation. However, typically, the IVA cost is broken down into three areas:
We’ve elaborated on each of these below:
During the approval stage of the individual voluntary arrangement your insolvency practitioner (IP) will act as your nominated representative. Their role here is to help make sure your creditors agree with the terms of the IVA. The fee for this stage covers such tasks as:
If your IVA is rejected, you will not be charged a nominee fee.
If your IVA is approved, the role of the insolvency practitioner (IP) changes and moves towards a supervisory aspect. He or she will manage the day-to-day functions of the IVA and ensure it runs smoothly. They will focus on such tasks as:
The fees involved with IVAs generally cover the supervisor and nominee fee. However, during the IVA, your insolvency practitioner (IP) may also incur expenses – some of which can actually be recovered from your monthly payments.
Details of these expenses will be estimated during your IVA proposal. Before you agree to the terms, you can negotiate this fee. Typically, these expenses will cover miscellaneous costs such as insurance and registration fees.
Although we cannot give a single figure for how much the IVA fees are, as they are all different depending on a person’s financial situation, we have detailed a breakdown on our IVA fees page. This should give a rough indicator based on the customers we’ve already helped.
However, if you want a more concrete answer on the fees involved with IVAs, click the button below. Apply, and we’ll be able to work with you to determine how much your IVA will cost.