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Are IVA's free?
My business is starting to lose money and is secured against the house which is also starting to lose value. I have telephoned and spoken to a couple of companies who suggest an IVA is the best thing for me. However they wont say how much reduction I will get and insist that the IVA is free to me and that the mortgage company pay. The mortgage company say I will be the one who pays. Who's right?
An IVA is not free or ever likely to be.
An IVA may reduce the overall amount of the debt by 50% maybe even more, depending on your circumstances. However the cost of setting it up and administrating it for say 5 years will incur a fee which will become part of the debt and the IVA administrator gets paid first.
It may pay you to shop around and find the best deal.
DebtLawyer.co.uk can provide detailed independent legal advice on the best companies on the market who will minimise the costs to you and secure the best deal on your behalf. You can call our legal team direct on 0800 037 1066.
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