An IVA is "free" to the debtor, in that the fees are included in the calculated monthly payment and, if you do not pay enough to cover debt and fees over the 5 years, anything not paid is written off.
I would suggest you chat with a couple of firms to compare advice and come back to us with any questions that arise. In the meantime, have a read around the forum to see what bugs us as well as reading the linked articles on the left of the screen.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
If your debt is low and you have no assets you could always consider a DRO or BR. Do speak to several companies for advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is help out there, ask for it. You will probably feel there is no hope, I’ve been there, but six years on I am at the end of the journey and life is good again. I found the people I spoke to were very understanding and I never felt judged by them, go for it there are thousands just like you who have been there done that and come out the other side. I am with Freeman Jones who have been great. Good luck.