How much does an IVA cost?

An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors to pay off your debts over a period of time. The cost of an IVA will depend on a number of factors, including the amount of debt you have, the type of debt you have, and the terms of the IVA.

There are several different fees associated with an IVA, including an upfront fee paid to the insolvency practitioner who sets up the IVA, as well as ongoing fees paid throughout the duration of the IVA. These fees are typically deducted from the monthly payments you make under the IVA.

It is generally recommended to seek professional advice before entering into an IVA, as the fees associated with an IVA can be significant and may not be the best solution for everyone. A qualified insolvency practitioner or debt adviser can help you understand the costs of an IVA and determine whether it is the right solution for your financial situation.