How we get paid
The person who sets up and manages your IVA is called an 'Insolvency Practitioner' (IP). Since Insolvency Practitioners are very highly qualified and have a lot of work to do, they use companies like DMS to prepare IVA cases for them.
When you make IVA contributions to your creditors, they set aside some of this money to pay the Insolvency Practitioner. There are two payments made: the 'Nominee Fee', which pays them for proposing the IVA, and the 'Supervisory Fee' which pays him or her to oversee it until it ends. The IP shares this money with the people who prepare the IVA cases - that's how DMS makes money.
All IVA providers get paid in this way. The difference is that some companies charge you, the client, on top. They might ask you to pay them an extra one, two or even three monthly payments, calling this a 'setup fee' or something similar. Sometimes you may even be charged lump sums which can run into the thousands. There is no reason at all to pay this money. An organization like DMS will happily handle your IVA for free, and we promise we'll do an excellent job.
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