How Much Does an IVA Cost?

An IVA can a great solution to regain control of your finances. A popular form of insolvency, thousands of people choose this agreement every year. If you’re reading this page though, you’re probably wondering about perhaps the most important question when it comes to selecting an IVA – how much will it cost me?

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.

Can I afford to pay for an IVA?

At a time when you might be trying to cut back on expenses, it might seem illogical to purchase an IVA. The good news is, unlike some companies out there, there are no upfront fees if you go through MoneyFixers.

Regarding the fees themselves, all costs for the proposal and supervision of your IVA are paid through the monthly payments you’d make if your IVA is approved.

Speaking of which, if your IVA is rejected, then you will not be charged.

How much does an IVA cost?

There is no one-size-fits-all cost for an IVA and each one is charged differently depending on your circumstances. This solution is designed to help you deal with your debts and the fee is directly related to how much money you owe.

The cost of an IVA is broken down into three areas:

  • The nominee fee.
  • The supervisor fee.
  • Expenses.

We’ve elaborated on each of these below:

The nominee fee explained

During the approval stage of the IVA, your insolvency practitioner 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:

  • Working with you to draft the IVA proposal.
  • Collecting claims from your lenders.
  • Organising the meeting of creditors and notifying your lenders.
  • Assessing any changes which creditors may request to the IVA.

If your IVA is rejected, you will not be charged a nominee fee.

The supervisor fee explained

If your IVA is approved, the role of the insolvency practitioner 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:

  • Making sure the IVA payments are correctly distributed to creditors.
  • Handling correspondence from those organisations.
  • Providing reports to your creditors.
  • Conducting annual reviews into the IVA.
  • Providing any support or guidance you wish concerning the IVA.

Expenses explained

The costs of an IVA generally cover the supervisor and nominee fee. However, during the IVA, your insolvency practitioner 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.

How much does an IVA cost?

Although we cannot give a single figure for how much an IVA costs, as they are all different depending on a person’s financial circumstances, 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, click the button below. Apply, and we’ll be able to work with you to determine how much your IVA will cost.