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Is there such thing as a free IVA?

At a time of financial difficulty many people sensibly consider whether or not paying for debt advice, or a debt solution such an IVA, is the best course of action.

In the case of an IVA the situation is somewhat different. Put simply, there is no such thing as a free IVA. Should you decide to go ahead you will be paying for the services of those that handle the arrangement for you.

An IVA can only be set up by a fully qualified and regulated Insolvency Practitioner. These professionals are typically accountants that have gone on to take the very specific exams that allow them to work within the field of insolvency and IVA’s.

All Insolvency Practitioners charge for the work that they do handling IVA cases. The fees that they would charge you to handle your IVA are taken from the contributions that you make to your IVA. These contributions are assessed on the basis of ensuring that you have sufficient money to live reasonably, with any surplus income being paid into the IVA.

The Insolvency Practitioner must also agree the level of fees that they will charge you with your creditors. Part of the IVA proposal that they make to your creditors is the amount that they intend to charge in fees. If the creditors believe the fees to be excessive they may not accept the IVA which could result in the IVA failing to be set up. However, Insolvency Practitioners are well aware of the fee levels that creditors believe to be fair so this should not present a problem in reality.

Can you get a free IVA from a debt charity?

Only one debt charity currently has a connected IVA business (CCCS). However this connected business is not in itself a debt charity, it is a fee-charging IVA operator and as a client you will pay fees for the services of the insolvency practitioner and their team.

The costs associated with running an insolvency business that provides IVA services are very high, as are the costs of employing highly qualified insolvency practitioners and their highly-trained teams. Therefore, even if you approach a debt charity, it is not possible to obtain a free IVA.

A trouble free IVA is worth paying for.

If an IVA is the best debt solution for you, you will be paying for the services of the IVA company that you decide to appoint. As with all industries, the quality of service from one IVA provider to another varies enormously.

Service levels should be the most important consideration when selecting an IVA company. Should you review an IVA forum you’ll be able to read the enthusiasm of those who have experienced a problem free IVA service, and the near-despair and frustration of those who are experiencing difficulties with IVA companies that either lack competence or lack a commitment to properly servicing the needs of their clients at a time at which they are financially vulnerable.

Five years is the usual IVA period; a long duration by anyone’s standards for any kind of arrangement let alone one in which you are appointing a company which will supervise your financial affairs. Elsewhere on this website you’ll find guidance on how to go about selecting an IVA provider than can offer you a considerate and problem free IVA experience.

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IVA Advice Forum Advisor Kelly Jago IVA Advice Forum Expet Susan Clay IVA Advice Forum Expert Beverley Budsworth

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