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Effective from August 3rd 2020
If you enter into an Individual Voluntary Arrangement (IVA), there will be fees and/or costs involved.
Your creditors will decide on the level of any fees taken, whilst any genuine costs in relation to your IVA may also be charged. For clarity, fees and costs are not in addition to the monthly payments you make. These will be taken out of these payments as approved by your creditors.
You will only be charged a fee if your IVA proposal is accepted by your creditors.
Once your IVA has been accepted, the fees you pay will be:
The Nominee’s fee is the cost for helping you to put your IVA proposal to your creditors. This covers the professional costs of the Insolvency Practitioner involved in arranging your IVA, including:
The Nominee’s fee is always paid in priority to any other fees in the Arrangement. This fee is requested in your IVA Proposal and determined by your creditors.
The Supervisor’s fees cover the work carried out for the duration of your IVA. These fees are requested in your IVA Proposal and determined by your creditors.
The Supervisor’s fees are taken on a monthly basis in line with the fees agreed by your creditors.
Should any assets be realised (e.g., the equity in your property, successful PPI mis-selling claims), or windfalls are received (e.g., an inheritance or lottery win) during the term of your IVA, additional Supervisor’s fees may be due from these additional realisations. This is detailed within your Proposal.
There may also be other costs incurred in connection with the running of your IVA.
For instance, your IVA provider may be able to claim back the costs of postage and insurance dependent upon the fees and costs agreed.
How much you will pay in fees will be clearly set out in your IVA proposal (based on known circumstances at the time), although they must be approved by your lenders and may be changed before the IVA proposal is accepted.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
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www.yourdebtadvisor.co.uk is a trading style of Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Advice Centre Group works in reasonable contemplation of ivas. If you decide on another solution other than an iva we will pass you to our partner Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority to provide debt advice, firm reference number 662423.
Entering into a debt management plan, you will be made aware of any fees before you contract into any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.
Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930
Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)
What you need to know about Individual Voluntary Arrangements (Insolvency Service)
We provide solutions to individuals throughout the UK, We Will help recommend solutions available, tailored to your circumstances in which you can then make an informed decision about which solution you qualify for.