What are some of the costs and fees involved in an IVA? or How much does an IVA cost?
One of the main reasons why IVA is so popular amongst creditors and debtors is that the fees involved in processing an IVA is lot less then the court cost and official receiver fees involved in a bankruptcy.
There are usually two sets of cost/fees involved in setting up and running in an IVA:
- Nominees’ fee
- Supervisors’ fee
Some of the work that needs to be carried out in setting up and preparing an IVA are:
- Preparation of the IVA proposal
- gathering the required information
- preparation and filing the nominee's report
- sending proposal to your creditors
- holding a creditors meeting
Over the past years ivahelpcenter.co.uk insolvency practitioners have carried out a lot of work in setting up and running IVA for our customers.
An IVA is a scheme or arrangement set up, which usually involves asking the creditors to agree in helping the debtor paying a reduced payment of debt and cutting interest charge. Since it is a legal matter, proposing and arranging an IVA requires permission of the court. And due to the legal nature of an IVA a supervisor is required who will be administering the whole process. As well as being less uncomplicated than a bankruptcy an IVA is also considerably cost-effective. This is another important reason why creditors prefer individual voluntary arrangement rather than bankruptcy.
Why use us to set up your IVA?
If you have debts over £15,000 than our Insolvency Practitioners can help you by proposing an IVA plan for you. Our Practitioners are industry regulated with many years experience in dealing with people like yourselves. We believe in providing honest, professional and reliable service. Fill out our online no obligation enquiry form to arrange a callback from one of our specialist Insolvency Practitioners. They will be happy to listen to you and devise a plan that is best suitable for your situation. |
