An IVA (individual voluntary arrangement) is not free. Legally you cannot set up your own IVA. The insolvency practitioner who will set up your IVA will charge a fee.
This fee is normally taken as regular instalments towards the fee from the payments you make towards your debts. The fee is to cover the cost of the advice offered by the insolvency practitioner, the time spent putting together the legal aspects of the IVA and negotiating with your creditors, and managing the IVA once it is set up.
All IVAs have this fee incorporated into the IVA plan, when you are choosing which insolvency practitioner to work with be sure to choose an insolvency practitioner who does not charge upfront fee’s like ivadebt.uk. We are one of the many companies that offer free debt advice and choose not to charge you upfront for our service
If the courts have referred you for an IVA during bankruptcy proceedings, you will have to pay a fee of £335 from your bankruptcy petition deposit to your insolvency practitioner. You cannot get Legal Aid to help with setting up an IVA.
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How does IVA Calculator work?
- Based on the details you provided, IVA calculator will determine whether you qualify for IVA or not.
- It will also calculate the amount of debt you can write off with an Individual Voluntary Arrangement – IVA.
- Our IVA calculator will send your results to your dedicated adviser.
- We do not charge any setup fees.
Basic criteria to qualify for IVA
- Your total unsecured debts are £5,000 or more.
- You have 2 or more creditors.
- After all your necessary expenses are covered, you have a monthly surplus income of minimum £80.
It is possible that some other debt solution is best for you, to know call our 24hr helpline 0800 088 2599
IVA – Frequently Asked Questions
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