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 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.
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:
We’ve elaborated on each of these below:
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:
If your IVA is rejected, you will not be charged a nominee fee.
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:
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.
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.