Download Documents

Download Documents

We have a list of all of the documents you may need to reference, prior to and while we administer your IVA or Bankruptcy.

If you have any questions, please contact us.

About Us

About Us

Pareto Money Management is based in Liverpool.

We specialise in arrangements such as an IVA, in which we can help write off a portion of your debts, and reduce payments to a manageable level.

Contact Us

Contact Us

If you have any questions or need any advice, please give us a call.

We are also available by email, and can give you a ring back at your convenience.

IVA Fees

IVA fees are always based on individual circumstances and are calculated according to your monthly income and expenditure, level of debt and how much you would pay over the course of an IVA.

These fees may be calculated as a percentage of contributions paid by you, or as a fixed fee or on a time cost basis. It will be for the creditors to decide the basis and amount of such fees.

There are two types of fees in an IVA - A Nominee's fee and a Supervisor's fee.

  • The Nominee's fee is for setting up and agreeing the IVA with you and your creditors.
  • The Supervisor's fee covers the management of the IVA until it is completed.

The payment of the Nominee's and Supervisor's fees and expenses will be detailed in the IVA proposal. Fees will be payable from the monthly contributions that you make.

Nominee's fee

This is a fixed fee to cover the set up costs of the IVA and assistance with the preparation of the proposals and is usually fixed by creditors between £1,000 - £2,000. This fee covers:

  • Preparation of your proposal (what you will pay, what creditor's will receive etc)
  • Liaising with your creditors
  • Dealing with any issues that arise on a daily basis
  • Convening and holding the creditor meeting

Supervisor's fees

The Supervisor's fees will cover the ongoing supervision and administration of your IVA for the agreed term (usually 5 years). This is normally based as a percentage of your monthly contribution and will not be deducted until your Nominee's fee has been paid. The Supervisor along with members of his staff will undertake the following;

  • Carry out regular reviews of your IVA
  • Preparing and issuing annual reports to you and your creditors
  • Agreeing the level of your unsecured debts
  • Making payments to your creditors in accordance with the terms of your IVA proposal
  • Liaising with you whenever you have any questions and provide you with ongoing support and advice when necessary
  • Re-assessing your circumstances if they change during the term of the IVA, and reporting this to creditors where necessary
  • Annually reviewing your income and expenditure
  • Generally ensuring that the IVA runs satisfactorily for you and for your creditors

Expenses on an IVA

There are a few other costs in the case of an IVA which come out of your monthly payments as well. They're not fees but we are obliged to register and insure your case which carries a cost. As with our fees, they are deducted from the payments which you make and do not increase the cost to you.

Some important things to remember about IVA fees

  • We will never ask you for upfront fees.
  • Your single monthly payment in an IVA covers all our fees.
  • The Nominee's fees are taken, typically, in the first 5 months of the arrangement. The Supervisor's fees are spread over 5 years.
  • We will always tell you what fees are involved and how they are calculated before you commit to an IVA.
  • Our fees are agreed with your creditors.
  • Fees are not paid in addition to the contributions you make. In effect creditors take the burden of the fees as they come from the contributions you make towards your debts.

Case Study

This example is based on a typical client - a consumer with approximately £30,000 of unsecured debts who completes an IVA lasting 5 years and has no property.

Based on unsecured debts of £30,000

Based on a Monthly contributions of £250

Total paid over 60 months £15,000

Typical Nominee's Fee agreed by creditors: £1,250

Typical Supervisor's Fee agreed: £2,062

Disbursements incurred by Nominee and Supervisor: £200

Payment to creditors: £11,487 (38%)

Total debts written off £18,513 (62%)

Note: It is essential that you keep up with your agreed monthly payments into your IVA. If at any point during the term of your IVA you feel you can no longer afford the payments agreed, you must contact your Supervisor or his staff to discuss the situation.

Contacting us to discuss any payment difficulties you are experiencing or changes in circumstances is essential, IVAs do provide an element of flexibility, you may be allowed a payment break if you come up against unexpected costs (such as essential car repairs), or the Supervisor may be able to request that creditors agree to amended terms that suit your change of circumstances.

If you fail to maintain payments to your creditors then your IVA will be in breach and could fail. This could leave you worse off and you will be liable for the original balance of your unsecured debts. If you are a homeowner, your property may also be at risk.