An IVA is a form of insolvency for anyone with unsecured debts over £6,000. You make a monthly consolidated payment as little as £90 per month over a term of generally 5 years. This binding arrangement writes off your unsecured debt remaining at the end of the term and protects your secured assets throughout the term of the arrangement.

e.g. If you have £10,000 of unsecured debt and you can afford to make £100 payment per month to creditors you would make 60 payments of £100 paying £6,000 towards your creditors and the remaining £4,000 will be written off.

In an Individual Voluntary Arrangement (IVA), there are several key fees and costs involved, which typically include:

1. Nominee’s Fee: This covers the initial setup and preparation of the IVA proposal. The nominee assesses your financial situation, communicates with creditors, and drafts the proposal. The amount varies based on your case’s complexity and the provider you choose.

2. Supervisor’s Fees: After creditors approve the IVA, a supervisor manages its implementation and administration. These fees include distributing payments to creditors, addressing queries or disputes, and offering support throughout the arrangement’s duration. They are typically deducted from your IVA payments.

3. Disbursement Costs: These are additional expenses during IVA administration, like postage, stationary, legal fees (if relevant), and other miscellaneous costs. Disbursement costs are charged on top of nominee’s and supervisor’s fees and depend on your case’s specific needs.

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