Understanding IVA Fees with IVA Helper
At IVA Helper, we aim to provide clarity and transparency about the fees involved in an Individual Voluntary Arrangement (IVA). There are three key types of fees:
1. Nominee’s Fee
The Nominee’s fee covers the preparation and agreement process for your IVA. This includes:
- Assisting with the preparation of your IVA Proposal.
- Providing detailed information about your financial situation.
- Organising and facilitating the creditors’ meeting to agree on the IVA.
2. Supervisor’s Fee
The Supervisor’s fee is for the ongoing administration and management of your IVA throughout its term. This includes tasks such as overseeing your IVA and conducting annual reviews. The structure of this fee may vary.
3. Disbursement Costs
Disbursements are other costs associated with maintaining your IVA. These may include:
- Third-party expenses.
- Insurance premiums.
- A registration fee to file your IVA with the Insolvency Service.
- Legal advice related to your IVA (if applicable).
- Property valuations and land registry fees if you own property.
No Upfront Fees
You will never be asked to pay any fees upfront. All fees are covered through your monthly IVA contributions. Before you commit to an IVA, we will provide a full breakdown of the fees and explain how they are calculated. Always review your IVA Proposal and Chair Report for the final fee amounts agreed upon by your creditors.
Typical IVA Fees
- 5-Year IVA: Total fees are typically £3,650.
- 6-Year IVA: Total fees are typically £4,000.
These amounts include the Nominee’s Fee, Supervisor’s Fee, and Disbursement Costs. In some cases, your creditors may agree to reduce the fees.
Additional Charges for Asset Realisations
In certain situations, such as the realisation of additional assets (e.g., windfalls), an additional fee of 15% may apply.
At IVA Helper, we are committed to ensuring all costs are clearly communicated and included within your IVA, so you can focus on achieving financial stability.