Our IVA Service is Free
IVA Expert does not charge you for any of the advice we provide. In addition, there is no charge for any work we undertake in assisting you with starting your IVA.
Insolvency Practitioner Fees
Once your IVA is accepted the Insolvency Practitioner will then start charging fees. These are known as the Nominee fee and Supervisor fees.
You do not have to pay these fees directly. They are taken from your agreed IVA payments.
IVA Nominee Fee
The Insolvency Practitioner who presents your IVA proposal to your creditors is called the your Nominee. The work of the Nominee includes:
- An initial meeting with you on the telephone to fully understand your financial situation.
- Preparing your Individual Voluntary Arrangement proposal document
- Convening your creditor meeting, chairing the meeting and liaising with creditors on any queries or modifications they request
The Nominee Fee charged for this work is normally £1500 although this could be more in certain circumstances.
Once your Individual Voluntary Arrangement is accepted the Insolvency Practitioner will pay Wilmott Turner an amount equivalent to 75% of the agreed Nominee Fee for our assistance with drafting your IVA proposal. This cost is paid by the Insolvency Practitioner. It is not an additional cost to you.
IVA Supervisor Fees
The Insolvency Practitioner who manages your ongoing IVA is called your Supervisor. The work of the Supervisor includes:
- Monitoring the contributions you make into your Arrangement
- Distributing payments to your creditors as required by the agreement
- Ensuring your IVA progresses in accordance with the agreed proposal
- Carrying out an annual review of your financial circumstances including your income and expenses (or at intervals required by your creditors)
- Working with you to manage any changes in your financial circumstances
The Supervisor Fees charged for this work are normally based on 15% of the amount that you pay into your IVA after the Nominee fee and initial costs have been deducted.
Other Services
We also provide a bankruptcy assistance service. Where you decide to use this service to assist you with going bankrupt, we will charge you an upfront fee. The amount charged will depend on your circumstances and the nature of your situation (for example whether you are employed, self employed, a home owner or living abroad). Information about the fee we would charge would be highlighted to you before you proceed.
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