In answer to your question – the service would not cost you anything. The service is actually paid for by the creditors. You would pay a contribution, say £400 a month (depending on your monthly income and expenditure) over five years which would give you a total lump sum of £24,000. If you opted to go for an IVA you would propose an IVA to your creditors and you would have a creditors meeting, where your creditors would vote on your IVA. At this meeting your creditors would decide what fees they felt were reasonable for your case to be managed over 5 years. Usually this comes to about £8000 total fees over five years. But you would not feel this expense as your creditors would give it to the IP out of the lump sum you were paying to them, so for example, out of your £24,000 the creditors would give the IP £8,000 and divide £16,000 between them. The only time you would have to pay directly would be if you proposed an IVA and were rejected. These costs are calculated on a time-cost basis.

Depending on your case, you may also be asked to pay a drafting fee for the professional work undertaken drafting your proposals. How much this is depends on your case, but is usually in the range of £500-£1000, which can be paid in installments.

did you ring any of the numbers on the website mate?

Thanks. I have all the info I need including the site you gave. What I wanted to find out is some idea of cost etc from someone who has done the process of an IVA.

ok cool - just checking because you mentioned hundreds ;)

have a look at these links:

http://www.insolvencyhelpline.co.uk/individual_voluntary_arrangements/iva-costs.php

http://www.insolvencyhelpline.co.uk/individual_voluntary_arrangements/iva_pros_and_cons.php

if you still want to proceed there are numbers and contacts available .

good luck

G

Hi - do you know if you do qualify for an IVA?

i.e debts of 15k as a starter?

Has anyone done one and how much did it cost and which company did you use? I am seriously considering going down this route, but all the sites I look at seem to avoid giving some idea of how much it cost.

It's ironic to see that U would have to pay hundreds of pounds to manage my debts when I am in debt because I owe hundreds of pound. It's almost laughable, but it's not.