All fees paid are charged from the monthly contributions you make into the IVA and are not in addition.

Costs will only be recovered on approval of your arrangement and once you commence making payments to it.

The fees involved are:

Nominee’s fees:

• This fee covers the preparation of the proposal to the creditors and calling the meeting for creditors to vote the approval of an IVA case.
• At My Debt Plan we charge a fixed Nominee’s fee of £1750.

Supervisor’s fees:

• • These are the fees that cover the administration work involved to keep the arrangement running once the IVA is approved. It will cover things such as the registration fee, statutory insurance, disbursements and annual reviews of your IVA.
  • At My Debt Plan we charge a fixed Supervisor’s fee of £1,900 regardless of the amount of your monthly contribution.

• We will charge an additional 15% on any other asset realisations that may come into your arrangement, for example, windfalls or compensation for miss-selling claims.

For an IVA arrangement with My Debt Plan, the total of all of these fees is £3,650 although this may be adjusted by creditors when they vote on whether to accept. No matter what the end total of costs come to, you can be rest assured that these will be taken from the monthly payment we agree with you, and you won’t notice these fees being taken at all.

IVA Fees explained

If your IVA is terminated because e.g. you have failed to pay all the agreed IVA payments, it is likely that the majority of the contributions you have paid will have been used to pay the costs and expenses of your IVA. This will mean that the amounts you owe to your creditors will have reduced by very little. Your creditors will again be able to claim the amounts you owe to them together with interest and charges