IVA Fees

What are the costs of proposing an IVA?

The costs of proposing and administering an IVA have to be agreed by you and your creditors. These costs are usually drawn down from the monies you pay into the IVA.

There are two fees which are chargeable during the presentation and management of an IVA:

Nominee’s Fee

This is agreed prior to the presentation of your proposals, but can often be later amended by creditors. This fee covers the following aspects of the work undertake -

• Provide you with advice regarding the range of solutions available to you
• Gather up all of the documents we need to confirm your financial position
• Liaise directly with your creditors with regard to your repayment proposals
• Assist you with opening a new bank account should this be required
• Prepare your IVA proposals and present these to creditors
• Convene and chair your creditors meeting

Supervisor’s Fee

Depending upon the nature of your case, and the amount of work deemed necessary on an ongoing basis, fees may be charged on a fixed annual sum, or as a percentage of realisations or sums distributed – usually at 18% plus VAT. For this fee the Supervisor will:

• Collect your contributions into a unique bank account held in your name
• Agree all creditor claims
• Distribute the monies held to creditors usually at quarterly intervals
• Assist you with ongoing wage reviews
• Review your circumstances at least once per year, and more often if you run into difficulties
• Assist you in presenting any variation proposals to creditors
• Conclude your case at the end of its terms and issue you with a Completion Certificate

The Supervisor’s fees charged by Jones Giles & Clay generally range from £360 to £1,000 per annum and these are drawn from the monies you introduce into the IVA with the agreement of your creditors.

The Nominee’s fees charged by Jones Giles & Clay generally range from £750 to £2,500 and average at around £1,600 plus VAT.

Once your IVA has been accepted, the role then changes from Nominee to Supervisor.

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How to get help

Call us now on 029 2035 1490 and one of our insolvency experts will call you back. We will discuss your situation with you ensuring that we fully understand your circumstances and what is important to you; we will then discuss your options with you. One of our Insolvency Practitioners will then guide you through the process, making sure it is as hassle-free as possible.