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IVA Fees

Tuesday, 27th November 2012

2012-iva-feesIndividual Voluntary Arrangement (IVA) Fees

There are two types of IVA fees within an Individual Voluntary Arrangement, IVA; they are Nominee’s fees and Supervisor’s fee. Both the Nominee and the Supervisor will be a qualified Licensed Insolvency Practitioner, often referred as an IP.

The Nominee’s fee

You need an Insolvency Practitioner, IP to prepare your proposal who will be known as the Nominee.

The Nominee will comment on your proposal before it is sent to your creditors / lenders.

The Nominee’s fee will cover the initial work to get the proposal to creditors meeting standard, which will include;

  • Confirming your income and expenditure
  • Drafting the Individual Voluntary Arrangement (IVA) IVA proposal
  • Corresponding with your lenders / creditors to establish the amount of claims
  • Serving notice and holding a meeting of creditors

The Supervisor’s fee

As soon as your creditors accept your Individual Voluntary Arrangement, IVA, then the Nominee (Insolvency Practitioner) becomes your Supervisor.

The Supervisor’s fee covers work including;

  • Collecting contributions
  • Agreeing creditor claims
  • Issuing annual reports

Who pays the IVA fees?

Every IVA provider will charge both Nominee and Supervisor fees, the scale of IVA fees are set by your creditors that feature in your proposal. The nominee fee is likely to be in the range of £750 to £2500 depending on the amount of debt you have, how much you can afford to pay each month into the IVA and the number/mix of your creditors.

Be careful as some firms will ask for the Nominee payment upfront BEFORE they hold a creditors meeting, we will not ask you pay upfront fees instead they will be drawn from your monthly contributions.

The Nominee will also charge additional expenses known as disbursements. Again these will be drawn from your contributions into the IVA.

Need more IVA information or have a question about the pros and cons of an IVA? Visit our forum

Take me to - What is an Individual Voluntary Arrangement, IVA?

Take me to - IVA Pros and Cons

Take me to - IVA Information

Take me to - IVA v Bankruptcy, the answers to questions that most worry consumers

Can DebtWizard help decide if an IVA is right for me?

To find out if you qualify then telephone DebtWizard.com

  • 03339 870 180 (Mon to Thu 9.00am - 8.00pm, Friday 9.00am - 6.00pm)
  • Or complete the rapid debt help form and we will call at a time that suits you.

 

 

 

 

 

 

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