Any consultation or advice we offer is free up to the point of proceeding with a solution after which fees are payable.
The fees involved in an IVA are the Nominee’s fee and Supervisor’s fees.
These fees are set by the creditors who are included in the IVA and are taken from the monthly payment you make into the IVA – not in addition to it.
A licensed insolvency practitioner must act as nominee on an IVA. The nominee’s fee covers the work carried out by the insolvency practitioner acting as nominee.
It is a fixed fee and is decided by your creditors included in the IVA. Your first few monthly payments make up this fee before your lenders receive any money.
Typically the nominee’s fee on Swift IVAs will be around £1,000, though the exact amount depends on a number of factors including; such as your disposable income, the terms of the IVA and your creditors.
The nominee’s fee covers the work and legal costs that goes into setting up your IVA – a process which includes:
- Drawing up your IVA proposal. This is the document which must be approved by enough of your lenders for your IVA to start.
- Setting up the lenders meeting. At this meeting your lenders will decide whether to formally approve your IVA proposal, reject it, or request changes to it.
- Assessing any suggested changes. If lenders have requested changes to your IVA proposal, your Insolvency Practitioner will advise you on whether you should accept those changes – or consider a different approach to your debt problems.
A licensed insolvency practitioner must act as supervisor for the full term of an IVA. The supervisor’s fee covers the work carried out by the insolvency practitioner acting as supervisor.
It is a fixed percentage of each monthly payment. This percentage is decided by your creditors included in the IVA. The supervisory fee covers the Insolvency Practitioner acting as supervisor in the IVA.
Typically the supervisor’s fees on Swift IVAs is 15% of the contributions made towards the IVA, after the nominee’s fees have been cleared.
This covers the ongoing supervision and maintenance of your IVA up until completion. It covers:-
- Managing any day to day issues that may arise to ensure your IVA runs smoothly.
- Your Insolvency Practitioner will carry out regular reviews and address any more serious issues with you that may come up. If your situation changes and you need to adjust your IVA accordingly, your Insolvency Practitioner will take care of this.
- Supervisor’s expenses such as legal and administration costs.
In some cases Swift may appoint a third party to act as nominee, or supervisor of your IVA. This will always be a licensed insolvency practitioner, and you will be notified who has been appointed before we issue you with the IVA proposal. No additional fees, aside from those detailed above will be charged by any third party instructed by Swift.
IVA terms and Conditions
These are “Standard Conditions” and apply to Consumer IVAs only.
Consumer IVAs are for individuals with straightforward financial affairs such a PAYE employment only and debts mainly from unsecured borrowing. Self employed individuals with more complex accounting and a mixture of business and personal debts can fall outside this.