Jump to Main Content

IVA costs and fees

IVA costs and fees

We will only charge fees if an IVA is approved by creditors.

Our fees are taken from the money you pay into your arrangement and you won’t need to pay these on top of payments into your IVA.

We operate a transparent fixed fee cost of £4,100 that includes all the fees in an IVA; we are required by law to split these into different types of fee;

  • The Nominee Fee (which covers the set up of your arrangement)
  • The Supervisory Fee (which covers the ongoing management of your arrangement)
  • Any other costs and expenses associated with the arrangement

As part of your proposal, we start making payments to your creditors 90 days after it is approved or within 90 days of you making your first payment, whichever is later. This means that the amount owed to your creditors begins to reduce from then.

In some cases, creditors may try to amend the IVA fees.

In general, any changes to fees made by creditors will not impact on you but we will always keep you informed if this happens.

With an IVA, there are three different types of cost charged by an Insolvency Practitioner.

  1. Nominee’s Fee
    This fee covers the setting up and preparation of your IVA. This includes us:
    • Working with you to get a detailed understanding of your current financial situation
    • Preparing the paperwork and talking to your creditors about your arrangement 
    • Making sure the arrangement goes ahead on terms you are happy with
    • We charge a fee of £2,000 to include all other necessary expenses.
  2. Supervisor’s Fees
    These fees are charged for the ongoing administration of the IVA which includes collecting and distributing your monthly repayments, helping and supporting you during your IVA, dealing with any queries raised by your creditors, completing an annual review of your financial circumstances, reporting annually to you and your creditors about the progress of the IVA and finally completing all the steps to conclude your IVA.

    We charge a fixed Supervisor’s fee of £2,100 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, any additional income or compensation type claims.

  3. Disbursements
    These are costs paid by the IP to third party companies for various costs and expenses of administering the arrangement and will typically include, software licences, insurances, and registrations that are required as part of the arrangement.

    These may also include payments made for the provision of additional services to provide the best return for your creditors. We include all of these costs in our overall fixed fee of £4,100, there are no hidden charges.

Get in touch today to discuss your options and ensure you’re on the right path to clearing your debts.

Get advice now

More Information on IVAs

On January 3rd 2024, we updated our IVA fee structure. If your IVA was approved before this date, your fee structure will remain unchanged.

Let’s make life more affordable

You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

No impact on your credit score.

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

5 stars
pdhf-pound pdhf-pound-coinspdhf-poundspdhf-pound-notespdhf-house-ownpdhf-house-rent pdhf-house-family pdhf-briefcasepdhf-job-seekerpdhf-retired pdhf-working-hourspdhf-studentpdhf-jobpdhf-phonepdhf-house-otherpdhf-debt-2pdhf-debt-3pdhf-debt-4 pdhf-debt-1pdhf-yespdhf-nopdhf-checkpdhf-livechatpdhf-self-employedpdhf-whatsapppdhf-intercom

What's your approximate level of debt?

Great! It looks like we can help you.

Simply complete your details below and connect to one of our friendly advisers.

How would you like to connect?

Best time for us to call

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

5 stars
100% secure & confidential
0800 316 1833 Request Call Back