IVA Fees

Channel Active Ltd, the operator of IVAAdviceForum.co.uk, refers IVA cases to the recommended insolvency practitioners featured on this website. We refer to them as they have a reputation for high professional standards and previous clients have provided positive feedback upon their services.

Where a client makes a decision to use one of the recommended insolvency practitioners to propose an IVA, and Channel Active Ltd completes a detailed fact-find for the recommended IP, part of the nominees fee will be paid to Channel Active Ltd to cover the element of the work they have done.

An insolvency practitioner will charge fees for its role as the nominee and supervisor of an IVA. A separate fee is payable for the Insolvency practitioner’s work in each of these roles. The insolvency practitioner will also charge you for various additional expenses (disbursements).

The nominee fee is a fixed fee and covers the Insolvency Practitioner’s work in setting up your proposal to your creditors. This work includes: holding an initial client meeting (by telephone or in person), fact-finding, providing general advice, preparation of a statement of affairs, ingathering supporting documentation, preparing an IVA proposal, presenting the IVA proposal to creditors and holding the meeting of creditors.

The nominee fee charged by our recommended companies is likely to be in the range of £800 to £2500 plus Vat depending upon your circumstances .

Our recommended IVA companies will be paid the nominee fee out of the first payments you make into the IVA and these will not be paid to your creditors. This means your accounts will go into arrears (or further into arrears).

The supervisor’s fee covers work including collecting contributions, agreeing creditor claims, making quarterly distributions to creditors, annual reporting to creditors, dealing with correspondence and queries from creditors and the client, closure of the IVA and making the final dividend payment to creditors.

The calculation of the supervisor’s costs and fees will depend upon the proposal and is therefore subject to your individual circumstances. The supervisor fee charged by our recommended IVA companies is likely to be 15% of your monthly contributions plus Vat.

It is up to you to fix the basis of the supervisory fees as this will form part of your proposal to creditors. Creditors representing 75 per cent of the debt included in the proposal must approve the proposal, including the fee, before it can be accepted. The level of the supervisor’s fees will also affect the return to your creditors under the arrangement and will therefore affect their decision to accept your proposal.

Warning if your IVA fails : As a significant amount of your payments into an IVA are taken first to meet your insolvency practitioner’s fees, if your IVA fails you will remain liable for the balance of your debt and any insolvency practitioner fees and costs already incurred.

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