There are a number of charges associated with Individual Voluntary Arrangements:

Instruction fee

Many Debt Management Company's or Insolvency Practitioner may charge an IVA Instruction or Drafting fee. This fee will be charged before the IVA is put in place. This fee will often be equal to one or two of your monthly IVA payments.

Beat My Debt does not charge its clients an instruction fee.  

Where to start

• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if an IVA can work for you.

Take the first step to beating your debt NOW – Call us free on 0800 077 6180

Nominee fee

The Nominee fee is the fee charged by the Insolvency Practitioner to act as Nominee when presenting the IVA proposal to your creditors. This is a standard fee taken by all Insolvency Practitioners and is normally between £1500-£2000. You will not have find the money to pay this fee. The Nominee fee is taken out of your normal monthly IVA payments.

Supervisors fee

Each year that an IVA runs, the Insolvency Practitioner must supervise the arrangement on behalf of the creditors. In return, the creditors agree up front that the Insolvency Practitioner will be allowed to draw a supervisors fee on an annual basis. As with the Nominee Fee, you will not have to find extra money to pay the supervisor fees as they will be taken out of the normal monthly IVA payments. As a standard, over the course of the IVA, the supervisor fees are normally 15% of the total amount collected in from the person paying into the IVA.