Services & Fees
How much are IVA fees?
Debt Movement will only charge fees if your IVA is approved by creditors and everything will be clearly outlined in your proposal, but don’t worry, these fees will be taken from your normal monthly contributions, so you won’t have to pay anything extra.
In an IVA there are three types of fees typically charged:
1. Nominee Fee
This fee is for all the preparatory work undertaken to assist you in putting forward an IVA proposal to creditors and includes an assessment of your financial situation, preparing the IVA proposal on your behalf, liaising with creditors regarding the decision process including any negotiations if necessary.
2. Supervisor Fee
This fee is for the ongoing supervision and administration of your IVA once it has been approved and includes collecting and distributing your monthly payments, dealing with any queries that arise during the IVA, liaising with your creditors, preparing annual progress and closure reports in line with legislation and any other administration as required.
These are costs incurred directly in connection with the administration of your IVA that are paid by your Insolvency Practitioner to third party companies and generally include postage, software licences, insurances, and registrations that are required as part of the IVA.
Debt Movement operate under a fixed fee policy where all proposals are put forward to creditors requesting total fees and costs of £3.650. All fees must be approved by your creditors and in some circumstances, creditors may vote to change the basis of our fees.