Apply online - IVA's - The Costs
There is a packaging fee required before we can propose and nominate your IVA which will allow us to process your application and allow us to approach your creditors on your behalf.
This fee will vary on an individual basis and is payable in advance of processing your application in all cases.
You will be advised of the actual amount of your processing fee at the initial point of contact should this service be appropriate to you.
There will also be fees payable to the Insolvency Practitioner as agreed by your creditors for managing the IVA. Where your IVA is accepted, we will receive from the nominated outsourced Insolvency Practitioner a minimum of 50% of the nominees fee once accepted at the meeting of creditors for the sourcing and packaging the application.
If you complete your IVA as agreed then you will pay no more than your scheduled monthly instalments. However, if your IVA fails before completion then any outstanding fees to your Insolvency Practitioner will be taken from the amounts you have already paid and will not go towards reducing your debt.
It is also important to bear in mind that if you receive any windfall during your IVA (such as an inheritance, lottery win or the equity in your house rising sharply) you may be required to pay off your debts in full.
In order to find out more about our pricing policy for IVA’s please contact one of our sales advisors on 0800 043 3535
Considerations when applying
Subject to eligibility and acceptance with fees payable. Telephone calls may be recorded for training purposes..
Debt Write off only applies where an IVA is suitable and on completion, alternative solutions may be offered.
IVA’s have a significant effect on a credit record in the short and medium term. Even after the IVA is completed it may affect your ability to apply for mortgages or other forms of credit, however a proven track record of payments into an IVA is looked on favourably by some lenders.
Homeowners may also be required to release equity in their property in the 4th year of the IVA.
