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IVA Charity

IVA Charity

My IVA Adviser is proud to offer a No IVA = No Fee policy, although we are not an IVA charity.

Most enquiries to My IVA Adviser about Charity IVAs stem from a misconception that IVAs are free, or the fees will be paid for by a charity of some sort, because the person is experiencing financial troubles.

Some people believe that it is possible to apply for a ‘Charity IVA‘, or apply for an IVA through an IVA Charity, but this simply in not true as they do not exist.

IVA’s costs money to set up and administer, and all this work must be done by a licensed Insolvency practitioner.

These IVA fees need to be paid for by someone, and in all but an exceptional few cases the IVA’s fees are paid for by the creditors, from out of the IVA repayment fund, made up of the debtor’s monthly contributions.

So this explains why there is no need for a charity to cover the IVA fees, as they are already covered.

There are of course some charity organisations that offer free debt help.

But these debt charities will refer any IVAs they come across to their sister companies, set up specifically to administrate their IVAs.

These sister companies are commercial businesses, and will charge IVA fees, just the same as any other IVA company, which makes it difficult for the debtor to realise that this is the case.

The most important thing to look out for when deciding who proposes your IVA application is whether or not you are comfortable with the IVA company you are hoping to use will actually operate a No IVA = No Fee policy.

My IVA Adviser is proud to operate a No IVA = No Fee policy which guarantees that you will not face any IVA charges in the event that your IVA application is rejected by creditors.

If you would like more information about IVA’s call My IVA Adviser on 0800 088 7503 and speak to one of our advisers in total confidence.

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