IVA Costs and Fees

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 from the payments you make towards your IVA (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, also managing the IVA once it is set up.

Is There An Application Fee Cost?

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

IVA Fee Breakdown

 Nominee Fee

A nominee fee is charged as a cost to help set up your IVA, This cost includes preparing your IVA proposal and holding your creditors meeting to get your IVA approved. Depending on whether your creditors agree your insolvency practitioner can charge on average your first five monthly contributions or between £1,200 to £2,000 as a fee.

Your IVA can be rejected by your creditors on this occasion they may ask your Insolvency Practitioner to reduce the nominee fee before an IVA is approved

Supervisor Fee

Once your IVA is approved, a monthly supervisors fee of 15% will be charged on all future realisations. The supervisor fee covers all ongoing cost of your IVA.

An Insolvency Practitioner will supervise your IVA for the duration of an IVA normally a 5 year period, act as a go-between making sure your IVA is sustainable and are there to help you with any potential changes in your personal circumstances

You will normally have a personal supervisor who will manage the day to day running of your IVA, furthermore, your supervisor will conduct a yearly review once a year throughout the term of your IVA

Disbursements

Disbursement costs are paid to third parties, the cost covers essentials such as insurance, software and regulatory fees. 

Fee When Referred For An IVA By Courts

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.

Help With IVA Costs

You cannot get legal aid or grants to help set up an IVA

IVA Calculator

Roughly how much unsecured debts do you currently have?

Less Than £6,000
£6,000 - £10,000
£10,000 - £20,000
More Than £20,000

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1
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Based on your debt of £6,000 - £10,000, we have identified that we can help you become Debt Free.

One of these options may be able to write-off up to 85% of your debt.

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Fill out the form and continue online to see how much debt you can write off.

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To access your RESULTS, please complete the form below to find out if you qualify to write off up to 85% of your debt and potentially reduce repayments to just £20 per week.











Who Can Get An IVA?

An IVA (individual voluntary arrangement) is normally only suitable for people who are struggling to maintain payments to their current debts and have a regular income.

In order to get an IVA, you must have spare income after you have met your essential living costs each month.

Your creditors will be obliged to agree to an IVA if you meet the other criteria needed to get an IVA plan. Your insolvency practitioner will be able to offer you more specific advice once they know your circumstances.

In order to qualify for an IVA, you must reside in England, Wales or Northern Ireland. You will also need the minimum requirements:

Have £5,000 or More of unsecured debt

Owe money to two or more creditors 

Live in England, Wales or Northern Ireland

Maintain a payment of a minimum of £70 per month 

You can see if you qualify for an IVA and whether you can write off up to 90% of unsecured debt

What Is An IVA?

An IVA (Individual Voluntary Arrangement) is a formal agreement made between the person in debt and their creditors. Once you enter into an IVA your creditors can no longer take further action against you to recover any outstanding debts, All interest and charges associated with your debts are frozen.

All IVAs are set up and managed by an Insolvency Practitioner (IP), An IVA is a form of insolvency that can potentially right off up to 90% of your debts and is also an alternative to bankruptcy. 

In an IVA a single payment is agreed with your financial situation taken into consideration, The payment is then divided between the unsecured creditors over a set period of time (usually five years), after which any remaining debts are written off. 

Once you enter into an IVA (individual voluntary arrangement) your creditors are legally bound by the terms and conditions imposed by an IVA, These include stopping to take any further action or contacting you directly.

Whilst there are no legal maximum or minimum amounts you must owe to get an IVA, Usually, you must owe at least £5,000 to get your creditors to agree to the IVA. You can owe this amount across more than one debt, with more than one creditor.

At the end of your IVA, Any debt remaining will be written off and you will become debt-free.

An IVA is open to residents of England, Wales and Northern Ireland. Scottish residents can find support in the form of a (PTD) Trust Deed or also known as a Protected Trust Deed.

Debts That Can Be Included In An IVA

All unsecured debts can go into an IVA. Here are some examples of the debts you can include:

Credit cards - Here are a few examples: Vanquis, Barclays, Natwest, Lloyds, HSBC, Tesco, Capital One

Unsecured loans - Barclays, Lloyds, Tesco, Wonga, Adverse Credit Loans Apply now

Payday Loans - Wonga, Lending Stream, Amigo, Satsuma, QuickQuid

Catalogue and store card debts

Credit Cards

Personal Loans

Overdrafts

Gas, electricity, and water bill arrears

Tax credit / benefit overpayments

Debts to family and friends

Other outstanding bills

Debts Cannot be Included In An IVA

Mortgages are protected (shortfalls can be included as unsecured debt)

Other secured loans

Hire purchase agreements (shortfalls can be included)

Debts incurred through fraud

Court fines (some can be included)

TV license arrears

Student loans (some can be included)

Child support arrears

How Does IVA Calculator work?

  1. Based on the details you provided, IVA calculator will determine whether you qualify for IVA or not.
  2. It will also calculate the amount of debt you can write off with an Individual Voluntary Arrangement - IVA.
  3. Our IVA calculator will send your results to your dedicated adviser.
  4. We do not charge any setup fees.

Basic criteria to qualify for IVA

  1. Your total unsecured debts are £5,000 or more.
  2. You have 2 or more creditors.
  3. After all your necessary expenses are covered, you have a monthly surplus income of minimum £80.

IVA Calculator

Roughly how much unsecured debts do you currently have?

Less Than £6,000
£6,000 - £10,000
£10,000 - £20,000
More Than £20,000

What is your current employment status?

Full-time employment
Part-time employment
Looking for work
Unemployment
Benefits

What country do you live in?

England
Scotland
Wales
Northern Ireland

1
Good news, we can help write off unaffordable debt

Based on your debt of £6,000 - £10,000, we have identified that we can help you become Debt Free.

One of these options may be able to write-off up to 85% of your debt.

What happens now?
Fill out the form and continue online to see how much debt you can write off.

Confirm debt write off percentage.

2
Let's get started

We have identified we could help save you thousands on the debt you owe.

To access your RESULTS, please complete the form below to find out if you qualify to write off up to 85% of your debt and potentially reduce repayments to just £20 per week.











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