IVA has three elements of fees, Nominee fee, administration and supervision fee. All fees are included in your monthly IVA contribution agreed by your creditors which does not affect the amount you pay into the IVA.
Supervision fees are for the ongoing management (supervision) of your IVA and are normally on a percentage basis which is spread over the term of the IVA.
Administration costs cover all the miscellaneous costs of setting up and maintaining an IVA, for example the registration fee, insurance, etc.
Please be assured that all fees are agreed with your creditors via Creditor Voting Agencies who apply the same fee basis for all IVA providers (including charities).
Insolvency Practitioner information
NDC offers an IVA packaging service which is tailored around your individual needs and circumstances. If you qualify for an IVA, we will transfer your case to a licensed Insolvency Practitioner who is qualified under the Joint Insolvency Examination Board.
To ensure you receive the best possible service, we work in partnership with selected licensed Insolvency Practitioners. The Nominee, administration and supervisors fees will be payable to the Insolvency Practitioner. Fees within an IVA are taken from the funds paid in, agreed by your creditors which does not affect the amount you pay into the IVA. In other words all fees are included in your monthly payment and you do not pay anything extra.
Once the IVA proposal is accepted by your creditors, the Insolvency Practitioner will become your Supervisor and will ensure that your IVA is maintained. They will carry out annual review and may request information from you regarding your financial situation.
Your Insolvency Practitioner will make sure that the terms of the IVA are compiled with both by you and your creditors. Also at the end of the IVA period (usually 5 years) your IVA will be complete, your unsecured debts will be cleared and you will become Debt Free.