IVA Fees

Before we start it’s important to note that:

• You’ll only pay fees if your IVA is accepted.
• Your fees will be taken out of your monthly payment.

Types of fees

• Nominee’s fee – £2,100
  This is the fee for setting up and agreeing the IVA with you and your creditors. We will propose a fee of £2,100 but in some cases this will be reduced by your creditors.
• Supervisor’s fees – £2,100
  These are for the ongoing management of your IVA. Like the Nominee’s fee, we propose a supervisors fee of £2,100 but in some cases this will be reduced by your creditors.
• We will charge an additional 15% on any other asset realisations that may come into your IVA, e.g. windfalls.
• Disbursement costs 
  These are costs paid to third party companies to cover all the miscellaneous costs of setting up and maintaining an IVA, such as registration fee, insurance and licences.

Fees are agreed with your creditors via Creditor Voting Agencies who apply the same fee basis for all IVA providers (inc. charities).

You can find out more information about Insolvency Practitioners fees here:

• A creditor’s guide to insolvency practitioners’ fees – England & Wales
• A creditor’s guide to insolvency practitioners’ fees – Northern Ireland

IVA example

Example based on a typical client, with approx. £25,000 of unsecured debts who completes a five year IVA and has no equity in any property.

• Typical monthly repayments (60 months) £140
• Total paid by borrower £8,400
  • Paid to creditors £4,200
  • Fees £4,200
• Total amount written off £20,800

As a formal insolvency procedure, an IVA is a legally binding agreement with your unsecured creditors and requires an Insolvency Practitioner (known as an IP).

An IP is a qualified professional with the experience to handle insolvency cases. They will be responsible for ensuring your IVA is fair to both you and your creditors all the way through.