FEES

Fees and costs will be identified and explained in your IVA proposal and will be agreed by your creditors as part of the the voting process to approve your IVA
The fees and costs will be paid from the monthly contributions made into your IVA
The Insolvency Practitioner will initially act as your Nominee. Once the IVA is approved he will become your Supervisor. There will be a fee for each role. There will also be out-of-pocket expenses called disbursements
The level of fees will be different for each case and will depend on the individual circumstances. The fees may be calculated as either a fixed fee, a percentage of monthly contributions, on a time cost basis or a combination of these

Nominee's Fees
this is usually a fixed fee and will cover the initial stages of the IVA process including preparing your IVA proposal and then convening and holding the creditors' meeting

Supervisor's Fees
this is usually calculated as a percentage of monthly contributions received into the IVA and taken over the lifetime of the IVA. This will cover the supervision of your IVA to include some or all of the following
- regular reporting to yourself and the creditors
- regular review of your circumstances including your income and expenditure
- liaising with the creditors to agree the debt levels
- making distributions to the creditors
- dealing with any queries
- ensure compliance with all statutory requirements

an illustration of fees in a typical IVA is as follows:
Debt level	£38,000
Monthly contributions	£330
Total contributions (5 years)	£19,800
Nominee's Fee	£1,500
Supervisor's Fee	£2,700
Disbursements	£803
Payment to creditors	£14,797 (38p in the £)