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Our Services & Fees

IVA Fees and Costs

Creditfix will only charge fees if an IVA is approved by creditors.

Our fees are taken from your monthly payment or asset realisations paid into your arrangement.

Creditfix operates a transparent, inclusive fixed fee cost of £4,200 which incorporates the Nominee Fee, Supervisory Fee and all costs and expenses associated with the arrangement.

We also offer, as part of your proposal, to start distributing a percentage of the payments made by you within 30 days of commencement of the IVA, or within 30 days of receipt of your first contribution whichever is later, which means the balance owed to your creditors begins to reduce from the outset.

In some cases, creditors may try to amend the terms of the IVA fees. Any request to modify either or both of the fees in a downwards only manner (Downwards Adjustment), the Nominee and/or the Supervisor will deal with the Downwards Adjustment as they see fit.

In an IVA there are three different types of cost charged by an Insolvency Practitioner.


1. Nominee’s Fee

This fee covers the setting up and preparation of your IVA. This includes assessing your current financial situation and your repayment offer to creditors, issuing the Proposal to your creditors, the administration and facilitation of the creditors’ decision process used to consider the IVA, and any negotiations with creditors during this process.

Most other IVA providers will typically charge a Nominee’s fee of £1,000 but will also charge various other costs and charges in addition (see below). We charge a fee of £2,400 to include all other necessary expenses.


2. Supervisor’s Fees

These fees are charged for the ongoing administration of the IVA which includes collecting and distributing your monthly repayments, dealing with any queries raised by you or your creditors, completing an annual review of your financial circumstances, reporting annually to you and your creditors about the progress of the IVA, and dealing with the closing formalities.

Again, most other IVA providers will charge Supervisor’s fees based on a percentage of any monies paid into the arrangement, typically 15%.  This means that the more you pay into your IVA, the higher the Supervisor’s fee.

At Creditfix we charge a fixed Supervisor’s fee of £1,800 regardless of the amount of your monthly contribution.  We will charge an additional 15% on any other asset realisations that may come into your arrangement, for example, windfalls or compensation for misselling claims.


3. Disbursements

These are costs paid by the IP to third party companies for various costs and expenses of administering the arrangement and will typically include software licences, insurances, and registrations that are required as part of the arrangement. These may also include payments made for the provision of additional services to provide the best return for your creditors.

Typically, the disbursements of an arrangement equate to an average of £2,000 per case if they are charged separately to the other fees, however, this is subject to individual circumstances and could vary.

IPs who charge disbursements separately to their Nominee and Supervisor’s fees will ensure that those disbursements and all accrued fees are paid before any payment is made to your creditors.  This can mean that your creditors do not receive any payments for up to two years and in some cases even longer.

By charging an overall fixed fee of £4,200 to include all costs and expenses of the IVA and by making payments to your creditors from the outset we believe we are offering a fairer allocation of your monthly contributions.


Debt Arrangement Scheme Fees and Costs

If you enter into a Debt Arrangement Scheme (DAS) Debt Payment Programme through us, there will be fees payable by you and your creditors. There are three types of fee charged in a DAS.

A fee of 20% of your payment is charged for the administration of your case. Essentially creditors pay this fee so you will never repay more than your debt level. The Accountant in Bankruptcy charge a 2% administration fee to oversee your DAS.