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:
Supervisor’s fees:
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
An IVA (Individual Voluntary Arrangement) is a formal debt solution that allows you to make reduced payments towards your debts over a fixed period, usually five to six years. It’s a legally binding agreement between you and your creditors.
If you’re struggling to afford the IVA fees, it’s important to discuss your concerns with your insolvency practitioner as soon as possible. They might be able to make adjustments or provide guidance on alternative solutions.
No, reputable insolvency practitioners My Debt Plan are transparent about their fees. All charges associated with the IVA will be clearly outlined in the agreement, and you should have a clear understanding of what you’re paying for.
Absolutely. Reputable insolvency practitioners will provide you with a detailed breakdown of all fees associated with the IVA. This breakdown should be clear and easy to understand.
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
