IVA Costs

How Much Does it Cost to Set up an IVA

The insolvency practitioners that we use will not charge you to set up an IVA.

The majority of insolvency practitioners take their fees from IVA fund that is paid to your creditors.

In other words, it is your creditors, not you, who pay the insolvency practitioner’s fee.

For free and impartial IVA advice and information please:

a) Call us on freephone 0800 138 5445

or

b) Send an email to info@iva-advice.com

IVA Costs Compared to Bankruptcy Costs

It is much more costly to become bankrupt than to set up an IVA.

Bankruptcy Costs:

There are three main charges that you have to pay if you file for bankruptcy:

1. The Court fee of £120

The Court might be prepared to waive this fee in special cases such as if someone is on Income Support.

2. A deposit of £250

This deposit goes towards the costs of administering the bankruptcy.

3. Fee to swear an affidavit of £7

This fee is only paid if the affidavit is sworn in the High Court or before a solicitor.

Additional costs:

  • Any valuable assets (such as a home; pension and bank accounts) that are owned at the time of the bankruptcy order could be lost.

  • When the bankrupt party has been discharged (this usually happens after a year) they may be ordered to make payments towards their debts.