IVA Fees

The subject of IVA fees are a real concern for most people. Our helpline is continually receiving calls from people wondering if it's possible to enter an IVA without having to pay upfront fees.

The simple answer to this question is Yes it is, and many hundreds of people do so each year through My IVA Adviser.

No Upfront Fees

Some IVA companies will charge you as much as your first two payments as an introduction fee for their involvement in the initial stages of the application process.

This type of fee is often referred to as a 'set-up' fee, or an 'introducer's' fee. Either way, this fee is unnecessary and should be avoided at all cost.

My IVA Adviser operates a No IVA = No Fee policy and can help you apply for an IVA without any upfront fees.

For more information on our No IVA - No Fee policy, just call 0800 088 7503 to have a chat with an IVA adviser.

Insolvency Practitioner's fees

The Insolvency Act 1986 dictates that only a licensed Insolvency Practitioner can administer an IVA.

It's also a fact that all Insolvency Practitioners charge fees for the work they carry out in each case. These fees are chargeable in every IVA case, irrespective of which insolvency practitioner you use.

Even those IVA cases referred to an Insolvency Practitioner by a charity will attract these types of IVA fees.

The Insolvency Practitioner's fees come in two separate parts:

  • Nominees Fee:
    The Nominee fee covers the Insolvency Practitioners work for the initial stages of the IVA preparation including the work undertaken in drafting the IVA proposal and arranging the Creditors' Meeting.
  • Supervisor Fee:
    The Supervisor fee covers the ongoing supervision and administration of the IVA for the full duration of the agreement, including the cost of the annual reviews.

Fortunately, in the vast majority of cases, these fees are paid by your creditors.

Your creditors pay the fees

Creditors agree to pay the Insolvency Practitioner's fees using the IVA contributions being into the IVA. They agree to this method of payment as it protects them from having to pay for the fees themselves rather, instead, using the money being paid back to them.

Please Note: The only exceptions to this would be in the event that your IVA failed to successfully complete through payment problems, or as a result of your being able to repay your debt in full as a result of a change in circumstances.

For a full explanation of how this process works please read 'Who pays the bill for my IVA', an article clarifying IP's fees how they are paid.

Professional IVA Advice

The team behind My IVA Adviser are IVA specialists and, over the past decade, we've assisted thousands of people in entering IVAs to solve their personal debt problems.

You can 'Ask an Expert' any IVA related question, if there's areas of the IVA process that you don't understand.

But if you'd like to have a chat with one of the team, to explore the IVA solution and how it might be applied to your personal circumstances, please call 0800 088 7503 or, alternatively, complete this form and we'll call you back at your preferred time.

Ask for Help

Key Information
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In accordance with the Financial Conduct Authority's guidance, please follow this link if you would like to read a free guide about In Debt - Dealing with your creditors
To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

'www.my-iva-adviser.co.uk' is a trading styles of IVAorg CIC. Company Number: 08560305 | Data protection registered ZA033231
IVAorg CIC is authorised and regulated by the Financial Conduct Authority (FCA) | Firm Reference Number (FRN) 684439