If you are buried in debt and struggling to keep up with your repayments, an IVA could be an option to write off a substantial portion of your debt.
There are 2 fees payable to an Insolvency Practitioner for the work involved in an IVA. The first fee is the fee charged by the Insolvency Practitioner for setting up the IVA – known as the ‘Nominee’s fee’ and the second fee is the fee charged by the Insolvency Practitioner for administering the IVA typically for a period of 5 years. This fee is known as the ‘Supervisor’s fee’. An example of the fees and how they are charged is set out below. The fees will be fully explained to you before you proceed with your IVA and they will also be disclosed in your IVA proposal which is sent to your creditors.
The important point to note about the fees and costs of an IVA is that the costs are deducted from your agreed affordable monthly payments. In the example below, you will see that no fees or costs will be payable by you in addition to your agreed monthly IVA contributions.
IVA fees and costs example
60 payments of £150 = £9,000
Nominee’s fee: £1,800
Supervisor’s fee: £1,850
Balance payable to creditors: £5,350
Creditors’ claims: £15,000
% distribution to creditors: 35.67%
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Why choose Bennett Jones for an IVA?
Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.
You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.
An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.
The debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors. The example provided of 80% has been achieved by 10% of our customers in the last 12 months