PayPlan Bespoke Solutions

If you choose to enter a Self-Employed IVA with PayPlan, it will be set up and managed by PayPlan Bespoke Solutions Limited.

PayPlan Bespoke is a sister company of PayPlan. It specialises in self-employed IVAs and is regulated by the Insolvency Practitioners Association, not the Financial Conduct Authority. PayPlan will, with your agreement, pass all of your details across to PayPlan Partnership so that you don’t need to tell them everything again.

They’re here to make everything as simple as possible. They’ll support you from start to finish and help you through anything that happens in between.

While you’re in your plan, your support team are here to:

• Support you with handling business expenses – they’ll work with you to create a business cash flow to help you understand your personal and business expenses.
• Make sure it’s affordable – they’ll work with you to update your budget to make sure that you can stick to it.
• Speak to your lenders – they’ll deal with the lenders included in your plan on your behalf. If you get any contact from them after your plan starts, let them know.
• Manage your plan – when they receive your payment, they’ll split it fairly and send it to your lenders. This is usually monthly.
• Help you stay on track – they’ll have regular catch-ups with you and make sure that your plan is running smoothly. If something changes, for better or worse, they’ll do everything they can to help you find a solution.

IVA Fees & Charges

All IVA companies charge a fee for managing an IVA. Your lenders agree to these fees to support PayPlan Bespoke Solutions Limited in managing your arrangement. PayPlan Bespoke Solutions Limited only charges fees if you and your lenders agree to your plan.

The fees are taken from the monthly payment you make into your arrangement and are spread out over the duration of your plan. You won’t pay anything on top of these.

PayPlan Bespoke Solutions Limited operates a transparent fixed fee cost of £4,700. This covers all the fees associated with your IVA; there are no hidden fees. They’re required by law to split these into different types of fees:

• The Nominee Fee — This covers the cost of setting up and preparing your IVA.
  • This includes working with you to get a detailed understanding of your current financial situation, preparing the paperwork, speaking to your lenders, and making sure it goes ahead on the terms you’re happy with.
  • The Nominee’s Fee, which includes all other necessary expenses, is £2,300.
• The Supervisor’s Fee – This covers the ongoing managing cost of your plan.
  • This includes collecting and distributing your monthly payments, helping and supporting you throughout your plan, dealing with your lenders and answering any questions they might have, completing reviews of your financial circumstances, providing annual updates to you and the companies included in your plan and completing the steps to conclude your IVA.
  • Based on a 5-year IVA, the Supervisor’s Fee is a fixed fee of £2,400 for the expected lifetime of your plan.
  • If you make additional payments from asset realisations (windfalls, any additional income, compensation, etc), there is an additional fee of 20%. This is taken from your payment and is of no additional cost to you.
• Disbursements — This covers any other costs associated with managing your arrangement.
  • These costs are paid from PayPlan Bespoke Solutions Limited to third-party companies for the required expenses of administering your plan. This includes the costs of insurances, registrations and may also include payments for the provision of additional services to provide the best return for the companies you owe to.
  • There are no additional fees for this. These costs are covered within the total fee.