What an IVA costs.
There's no upfront fee to start an IVA. The fees are paid out of the monthly payments you make — and they're approved by your creditors.
Two main fees
- Nominee fee — for setting up your IVA proposal and chairing the Creditors' Meeting.
- Supervisor fee — for managing the IVA over its lifetime, including annual reviews.
Both fees come out of your monthly payments — you don't pay them separately. They are agreed by your creditors at the Creditors' Meeting before the IVA starts.
What you pay each month
Your monthly payment is based on your disposable income — what's left after essential living costs. The aim is a payment you can comfortably afford for the full term of the IVA.
If something changes
If your income drops or your costs rise (illness, redundancy, baby on the way), the IVA can usually be adjusted with a payment break or a variation.
A formal debt solution may not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
See if you meet the criteria.
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