Individual voluntary arrangement. IVA fees and charges

Our fees follow the industry standard for IVAs and are agreed by your creditors. You must agree to the basis of the fees before your IVA is approved. We will deduct these fees from the amount you pay into the IVA, so you don’t have to pay any additional costs.

If you set up an IVA through a different IVA company, it’s likely their fees will vary and when you have to pay the fees might vary too. The fees you pay for your IVA should be part of your agreement, so it’s important to check and understand them before you proceed with an IVA.

There are no upfront fees with our IVAs, and if your IVA isn’t approved, you won’t have any fees to pay.

The costs involved in an IVA are:

• A Nominee fee
• A Supervisor fee
• Disbursements

The Nominee fee is the cost for helping you to put the IVA proposal to your creditors. This is subject to approval by your creditors. Depending on who your creditors are and the amount of your monthly contribution, it could be either the first five payments into the IVA, or £2,000.

The Supervisor fee is 15% of any further realisations, to cover the ongoing costs of the IVA. So, if you entered into an IVA you'd pay monthly contributions or money from assets to pay the Nominee fee at first. Then any remaining money you'd pay towards it would go towards the Supervisor fee.

There are also other costs known as disbursements. These are expenses that are paid to third parties during your IVA and include insurance to protect any money paid to your IVA, system maintenance fees, and a registration fee to register the IVA with the Insolvency Service.

The cost of any legal advice specific to your case may also be charged as a disbursement. If you own a property there will be expenses to cover the cost of any valuations of your property and land registry fees.

Your specific fees will be confirmed when your IVA proposal has been drafted. These are also subject to approval by your creditors.