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We strive to find you the most appropriate debt advice. Our initial debt advice is always free of charge. However, a fee will be payable depending on the debt solution recommended. Please review the following information:
Debt Management Plan Fees
Debt Management Plan fees are:
This covers the work involved in setting up your debt management plan as follows:
Your monthly management fees also pays for all of the ongoing work needed to make your plan succeed including:
Individual Voluntary Arrangement (IVA) Fees
There are two types of fees within an IVA: a Nominee's fee and a Supervisor's fee.
Before an IVA is presented to creditors, the Insolvency Practitioner (IP) acts as your Nominee and is required to arrange a report and to determine whether the IVA has a realistic chance of success. The Nominee's fee covers this initial work, including:
As soon as your IVA is accepted the IP then becomes your Supervisor. The IP will supervise and maintain your IVA throughout its term (usually 5 years).
The Supervisor's fee covers this ongoing work, including:
Payment of fees
All IVA providers charge fees in line with an agreed scale set by creditors. Fees are taken from the monthly payment you make towards your IVA. No additional fees are taken. Fees depend on the amount you owe and how much you can afford to pay during the IVA. Your IVA proposal will detail the exact amount of fees being charged by the IP.
The following example shows typical fees and payments in an IVA:
* Example based on a typical client - with unsecured debts of around £31,000, who has no equity in any property and completes a 5 year IVA.
Note: It's essential that you keep up with your monthly payments to your IVA - if you don't, your IVA may fail, which means you will be liable for the outstanding balance and any costs already incurred.
IVA's do offer some flexibility. If you run into any difficulty while your IVA is in progress, you should contact your Supervisor immediately. The IP can request changes to payment plans and call further creditor's meetings to gain approval of variations to the proposal if needed.
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