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IVA Fees and Costs – How much does an IVA cost?

The fees and costs associated with an IVA come out of the money paid into the IVA. You only pay the agreed IVA monthly contributions.

There are two types of fees involved in an IVA. These are the Nominee’s fee and the Supervisor’s fees. These fees are deducted from your contributions into the IVA and the creditors share the balance. The amount of fees are determined by the creditors at the Meeting of Creditors.

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How much does an IVA cost?

 Nominee’s fee

The Nominee’s fees are to cover the set-up costs of an IVA. Typical tasks that are covered by these fees include:

Creating the IVA proposal, which includes a detailed look at your financial position, and the proposed IVA terms.
Organising the creditors meeting,  in which creditors can raise any issues they have with the proposed terms and vote whether to accept it or not.
Any other administration work involved in arranging the IVA.
Initial IVA go towards paying the Nominee’s fee.

  Supervisor’s fees

The Supervisor’s fee is a small percentage of each monthly payment made (once the nominee’s fee has been paid). This covers the ongoing service from your IP (Insolvency Practitioner) and our client support team, including:

Taking care of the day-to-day running of your IVA, through client support
Dealing with any issues that may arise efficiently
Undertaking any necessary legal work
Being your first point of contact for issues regarding your IVA
Adjusting your IVA, if at any point your circumstances change
Making distributions to your creditors

  Fees Breakdown

Fees vary depending on the complexity of the case. The following is an example only, based on a typical consumer IVA for a client, with £31,000 of unsecured debts on an IVA lasting 5 years and without equity in a property paying £250 per month.

Nominee’s fee (usually equivalent to first 5 contributions): £1,250.00
Supervisor’s fee*: £2,062.50
Supervisors costs**: £500
 Total returned to creditors: £12,437.50 (40%)
Total paid by borrower: £15,000 (48%)

*15% of further monthly payments once the Nominee’s fee has been satisfied

** Bond fee£50, DTI Fee £15, plus other case dependent costs.

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