Our Fees

MoneyFixers is a trading style of Financial Support Systems Limited.

Our Fees

All major creditors are aware an IVA can only be proposed and supervised by a Licensed Insolvency Practitioner. Financial Support Systems fees are transparent and fully disclosed in writing before our customer’s decide to proceed with an IVA. All major creditors are aware of Financial Support Systems fees and agree that these are fair and acceptable to them.

Be Aware!

Many websites claiming to be providers of IVA’s are simply generating leads and will sell on your details. These companies may also charge you additional fees that mean you make payments that are not part of the IVA and you may not get these back if your IVA is unsuccessful. Any enquiry made on our website is received for the use of our firm only and your data will not be shared or sold with any other debt provider or organisation.

When will I be charged?

All fees charged for the proposal and supervision of your IVA are paid through the monthly payments you make in to it. There are no upfront costs and payments will only commence on approval of your IVA. If your IVA is not successful you will not be charged.

The Nominee Fee

Before your IVA is approved by creditors our Insolvency Practitioner takes on the role of the Nominee and the fee for this covers:

  • Drafting your IVA proposal, which must be endorsed by our licensed Insolvency Practitioner
  • Collecting creditor claims
  • Giving notice of and holding the meeting of creditors
  • Assessing any changes to the proposal suggested by your creditors

This fee is chargeable only on acceptance and when payments commence. If you IVA is not approved this fee does not fall due.

The Supervisor Fee

Once your IVA is approved and for the duration of the Arrangement which is usually 5 years (60 months) the Insolvency Practitioners role becomes that of the Supervisor. The Supervisor’s fee covers all work undertaken in this period, including: Before your IVA is approved by creditors our Insolvency Practitioner takes on the role of the Nominee and the fee for this covers:

  • Distributing payments to your creditors
  • Dealing with all correspondence from your creditors on your behalf
  • Completing annual reviews of your IVA
  • Providing reports to creditors
  • Ongoing support and guidance to you in all aspects of your IVA

IVA Case expenses

Expenses can be incurred by your Insolvency Practitioner during the administration of your IVA and certain costs that are incurred specifically to the case can be recovered from your monthly payments. Details of the estimated expenses are detailed in the IVA proposal before you sign it and disclosed and negotiated with your creditors prior to approval.

Example of Typical Fees & Expenses*

  • Nominees fee £1,000
  • Supervisors fee £1,307
  • Expenses £738
  • VAT £111
  • Monthly payment £152
  • Total paid by individual £9,293
  • Amount owing at the start of the IVA £23,103
  • Net paid to creditors £6,137 (27%)
  • Value of Debt Written off £16,966 (73%)

*This example is taken from an average of 10 typical cases approved.

All fees and expenses are detailed in your IVA proposal so that both you and your creditors will have an opportunity to review and agree to them before you enter.

Important Information

Subject to eligibility and acceptance. Fees Payable. Debt write-off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.

Financial Support Systems provides insolvency solutions to individuals, specialising in IVA's. We do not administer or provide advice solely relating to debt management products, such as Debt Management Plans. Advice and information on alternative options will be provided following an initial fact find were the individual(s) concerned meets the criteria for an IVA and wishes to pursue it further, as governed by our regulators Institute of Chartered Accountants in England and Wales. All advice given on any alternative options is therefore provided in reasonable contemplation of an insolvency appointment.

The Money Advice Service is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here.