Key points about our fees

Our Fees

Our initial advice is free; however, fees will apply if you decide to enter into an IVA. These are not upfront costs; they are paid out of (not on top of) the agreed monthly payment and will be discussed in detail by your IVA specialist before you make the decision to proceed with the IVA. We will always be completely honest and transparent about the fees charged and what these fees are for.

IVA Initial Fee

If an IVA is recommended as a suitable solution for you, and you decide to proceed, Phoenix Insolvency Practitioners Limited will conduct a comprehensive review of your personal financial circumstances and submit your case to the Insolvency Practitioner. No fee is charged for this service.

Insolvency Practitioner Fee
Nominee's Fee

This is a fixed fee for the advice stage and preparation of the Proposal and all other necessary documents including the calling of a meeting of creditors. The fees charged are based on the standard charges of this company and are in line with our competitors. The Nominees fee is paid from the monthly payment agreed in your proposal.

Supervisor Fee

Phoenix Insolvency propose a fixed Supervisor fee, usually £1,750, which is spread over the duration of the IVA. These fees cover all of the work which is done after the proposal is approved for the ongoing supervision of the IVA and payment to your creditors until the IVA is concluded. Creditors may change the way in which we charge our fees. You can refer to the Guide to Fees here for further information. The Supervisor's fee is paid from the monthly payment agreed in your proposal.

Key Points About Your IVA & Our Fees

We will explain the fees and expenses we propose to charge and ask you to confirm your agreement to these fees before we charge for any work on your behalf.

You should also note that your credit rating will typically be affected for up to 6 years after the IVA has been approved. Your ability to obtain further credit may be affected once your IVA has concluded.

Once you enter into an IVA it is important to maintain the proposed payments. If you do not keep up with the proposed payments the IVA may fail. During the first few months of the IVA, your payments into the IVA will be used to pay the Nominee's fee and the Supervisor's ongoing fees before any payments are made to your creditors. If the IVA fails you will remain liable for payment of any outstanding balances to your creditors depending on the circumstances. Your debts may not have reduced depending on the progress of your IVA.

IVAs do have flexibility so that you may be allowed a small payment break dependant on your circumstances due to unexpected expenses arising or difficulties at work. The Supervisor will always request proof of any changes.

If your IVA is approved, the fees will be paid from the monthly contributions you pay into the IVA. This means that your creditors will bear the costs of the fees. For this reason the fees which we seek to charge may be varied (with your agreement) by your creditors before the IVA is approved.

The Nominee and Supervisor will charge expenses incurred in connection with the IVA, these may include items such as postage, photocopying, stationery and telephone costs. In addition expenses will be payable to third parties on costs such as bonding, software fees, courier fees and registration of the IVA.

About Us

Here at Phoenix Insolvency, we are passionate about providing assistance to those in need of financial help.

If you are struggling to pay back your debts and keep up with your monthly outgoings, let us help you take back control of your finances and start you on your path to debt freedom with an IVA.

Contact Us

Phoenix Insolvency Practitioners Ltd
Earl Business Centre,
Dowry Street,
Phone: (+44) 01618841256
Company Number: 12437227 ICO Number: ZA755265