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.
There are two types of fees charged by the Insolvency Practitioner. The Insolvency Practitioner during the initial set up period acts in an advisory capacity as your 'Nominee'. Once the IVA is approved the Insolvency Practitioner becomes your 'Supervisor'.
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.
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.