Fees

Individual Voluntary Arrangements (IVA)

In an IVA, a licensed Insolvency Practitioner (IP) assigned to your case will first act as Nominee and then Supervisor, drawing a fee for both services.  The level of fees they propose depends on your individual circumstances and the level of the Nominee’s and Supervisor’s fees and expenses will be detailed in your IVA proposal.  These fees may be calculated as a percentage of contributions paid by you, or as a fixed fee or on a time cost basis.  It will be for the creditors to decide the basis and amount of such fees.

The fees will be payable from the monthly contributions that you make.

Your creditors will decide whether the fees are reasonable and they can reduce the fees at the meeting of creditors.  In effect, it is your creditors who take the burden of the fees because the fees reduce the amount that creditors receive but the amount you pay into the IVA stays the same.

 There are two fees associated with an IVA, the Nominee fee and the Supervisor fee. Below is an explanation of these fees and how they are charged.

 >Nominee Fee
This is the fee incurred by the IP (Insolvency Practitioner) in drafting your IVA proposal and getting this approved at the creditor’s meeting. The nominee fees are
paid out of the proceeds of the arrangement.
 >Supervisory Fee
Once your IVA has been approved by creditors, your Nominee becomes your supervisor who will be responsible for monitoring and supervising your IVA for
its duration. The fees that are chargeable for this are usually expressed as a proportion of what is recovered for your creditors in the IVA – generally 15% of
realisations. (In other words 15% of the total payments you make in your IVA)
Finally there are expenses to pay in every IVA, these include insurances to protect any money paid into your IVA, software licence fees and a registration fee to register the IVA with the Insolvency Service. Please note that all Insolvency fees and expenses are paid out of the proceeds of the arrangement. You would not be required to make any additional payments in respect of Nominee’s, Supervisory or any additional costs. There are no upfront costs and if your IVA is unsuccessful then there are no fees to pay.

 

Our Fees

If an IVA is recommended as a suitable solution for you, and you decide to proceed, NTF Financial Solutions Ltd also trading as www.check-my-debt.co.uk and its authorised Debt Advisory Partners will carry out a comprehensive review via a fact find of your personal financial circumstances and submit your case to the Insolvency Practitioner.
Should your preferred solution not be undertaken by NTF Financial solutions Ltd, we may receive a fee from an authorised 3rd party.  We will only place your case into the hands of suitable authorised companies.  We will never request a fee directly from you.

Debt Management Plan (DMP)

DMP is available from a number of charitable organisations, free of charge.  If applicable, a DMP fee is usually deducted from your monthly payment. Details will be disclosed to you before you agree to anything

Debt Relief Order (DRO)

Debt Relief Orders are available through a limited number of approved intermediaries such as the Citizen’s Advice Bureau however, intermediaries charge a flat fee which is currently £90.

Bankruptcy (BKY)

To make yourself bankrupt you must complete the forms online and have the court fee and deposit yourself, currently £680 per person (possibly subject to some concessions.)  Your bankruptcy order will not be finalised until this is done.

Free debt counselling, debt adjusting and credit information services are available from the Money Advice Service.

Free debt counselling, debt adjusting and credit information services are available from the Money Advice Service.

www.check-my-debt.co.uk is a trading style of NTF Financial Solution Limited. Data Protection No: Z1753960S, Company Number 06619172.
Registered office: Suite 4, Aus Bore House, 19-25 Manchester Road, Wilmslow, SK9 1BQ.
Nick Morgan and James Kaye are licensed to act as an insolvency practitioner in the UK by the institute of Chartered Accountants in England and Wales (ICAEW). We do not provide advice in relation to debt management and other similar products. We only provide advice in the reasonable contemplation of an insolvency appointment.

www.check-my-debt.co.uk is a trading style of NTF Financial Solution Limited. Data Protection No: Z1753960S, Company Number 06619172.
Registered office: Suite 4, Aus Bore House, 19-25 Manchester Road, Wilmslow, SK9 1BQ.
Nick Morgan and James Kaye are licensed to act as an insolvency practitioner in the UK by the institute of Chartered Accountants in England and Wales (ICAEW). We do not provide advice in relation to debt management and other similar products. We only provide advice in the reasonable contemplation of an insolvency appointment.