Want to apply for an IVA? We will make sure this debt solution is right for you and help you get it in place.
Jump to article contents:
- What our IVA Service involves
- The cost of the Service
- How long our Service lasts
- Other Key Service information
What our IVA Service involves
We will complete a financial statement with you and estimate your disposable income. We will then review each of the debt solutions available to you. If you decide to apply for an IVA we will ask you sign our Letter of Engagement and Terms & Conditions.
We then introduce you to an Insolvency Practitioner (IP). They will draft your IVA Proposal and negotiate the Agreement with your creditors.
We work with third party Insolvency Practitioners. You will need to sign a copy of their terms of engagement. You must also provide them with documentation to prove your financial circumstances.
Your IVA will be accepted if 75% of the value of the creditors who choose to vote at a Creditors Meeting agree it. You will not normally be required to attend the meeting.
Once accepted the Arrangement will be recorded in the Insolvency Register and your payments will begin. The IP will monitor your payments, supervise the disposal of any assets and fulfil any other requirements as agreed in the Arrangement.
Cost of our IVA Service
IVA Expert Fees
The advice provided to you and any work undertaken by IVA Expert (Wilmott Turner) is free of charge. Once your IVA is accepted the IP will charge both a Nominee Fee and Supervisor Fees to the Arrangement.
You do not have to pay Nominee or Supervisor Fees directly. They are taken from the agreed payments that you make into your IVA.
IVA Nominee Fee
The IP who negotiates your IVA with your creditors is called the Nominee. They will charge a Nominee Fee for the work they do. This fee is usually £1000-£1500.
IVA Supervisor Fees
Once your IVA is accepted the IP becomes your Supervisor. The Supervisor will normally charge 15% of the amount that you pay into your IVA for the supervisory work they do.
The IP will pay Wilmott Turner an amount equivalent to between 50%-75% of the Nominee Fee (£500-£750) for our assistance in drafting your IVA. This is paid by the IP and is not an additional cost to you.
IVA Service Duration
From the date that you provide all of your required documents to the Insolvency Practitioner it should take between 4-6 weeks for a meeting of your creditors to be held and your IVA to be accepted.
These timescales could be extended depending on the time it takes for you to review your draft proposal and return a signed copy to the IP.
Once accepted your IVA will normally last for 5-6 years unless you settle it early with a cash lump sum. During this time it will be supervised by the appointed Insolvency Practitioner.
More Information about our IVA Application Service
Once you have been introduced to an Insolvency practitioner Wilmott Turner will continue to provide support and advice during your IVA application.
If your proposal is rejected by your creditors we will work with you to provide an alternative solution although fees may be charged for this depending on the solution.
Please click on the link below for additional information about our IVA Application Service including:
- Key advice about the IVA Solution (You are advised to read this before applying for an IVA)
- Service Terms & Conditions
- Your right to Cancel
- Your right to Complain
Want help to start an IVA? Give us a call (0800 180 8013) or complete the form below to speak to one of our experts