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What about the fees in an individual voluntary arrangement?

Unlike debt-management plans, you will always have to pay a fee for an individual voluntary arrangement (IVA). This is because it is a formal legal agreement which has to be set up and managed by an Insolvency Practitioner (IP) or IVA company, who will charge for the work they do.

It is important to make sure that the fees for your IVA are fair and clear. It is especially important to make sure you do not pay fees before your IVA has been agreed with your creditors.  If the majority of your creditors turn down the IVA, it will not be able to go ahead and you may lose the fees you have already paid.

My Money Steps will tell you if you can apply for an IVA, and can help you set one up. Start My Money Steps to find out.

 

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