We offer free debt advice and only charge a fee when you choose one of our debt solutions. The fees vary depending on the specific debt solution you select.
All fees will be thoroughly explained and discussed with you before starting any service or debt repayment plan.
For managing your plan, we will deduct a monthly management fee from your payment. This fee is £25 per month, plus an additional £2 per creditor, with a maximum charge of £60 per month.
TThe monthly management fee covers the ongoing work involved in setting up and maintaining your debt management plan. This includes:
Your fees also cover a personal case manager who will ensure your plan runs smoothly. If you find you can no longer afford your monthly payments, we can renegotiate with your creditors. They may agree to accept smaller payments if it seems the best way to successfully conclude your debt management plan.
All funds held on your behalf will be kept in a dedicated account and will be used exclusively for
We will distribute payments to your creditors within five working days.
Adding any debt to the plan after the commencement of your agreement will result in a single fee of £25 per debt/account. This fee enables us to review your payments and, if needed, negotiate terms with your creditors.
The fees for Individual Voluntary Arrangements (IVAs) vary depending on the monthly contribution to the arrangement and the agreement reached with your creditors. These fees consist of Nominees fees, which cover assistance in preparing your proposal, and Supervisor fees, which relate to the ongoing monitoring of your IVA. Fees are deducted from your monthly contribution or other assets included in your proposal. The amount and method of payment are agreed upon by your creditors at the beginning of the arrangement.
In our IVAs, there are no upfront fees charged. Payments are only required if and when your IVA is approved by your creditors. If, for any reason, your IVA is not accepted by your creditors, you will not owe anything. Additionally, we will assist you in finding an appropriate alternative solution.
In an IVA, the fees are covered by your monthly payment, which is tailored to an amount you can afford. This payment is deposited into your personal client account and subsequently distributed to creditors as outlined in the proposal. Our fees are also extracted from this account, in accordance with the terms agreed upon with your creditors at the start of the arrangement.
The fees are defined as Nominee and Supervisor Fees.
This fixed fee encompasses the tasks involved in establishing your IVA:
Your first few monthly payments (from 3 - 5 monthly payments) will go towards paying the nominees fee before your creditors receive any money.
The supervisors fees will cover the ongoing supervision and maintenance of your IVA all the way through. A typical IVA lasts for five years. This fee covers the costs of
Again, these fees are set and agreed by your creditors and come out of your monthly payments. You will not have to pay any more than what you can afford. This fee is generally 15% of the overall repayments and is based on your completion of the IVA.
Note: Keeping up with your monthly payments in an IVA is vital - if you fail to, your IVA may fail, leaving you liable for the remaining balance and any costs already incurred. If you do experience any difficulties with your IVA payments please contact your case supervisor as soon as possible.
Our IVAs are provided by our Insolvency Practice, McCambridge Duffy who are licensed to carry out Insolvency activities.
A client owing £30,000 that are recommended an IVA as their best solution.
The client can afford £230 per month to offer to their creditors.
The example shows the fees charged but you should keep in mind that every single IVA case is different and dependent upon your individual circumstances. You will be provided with copy of your proposed fees prior to your meeting of creditors where them will be scrutinised and voted upon by your creditors.
We mainly provide IVAs and Debt Management Plans but we can provide other services. Any fees for other services will be discussed prior to commencement.
A breakdown of typical payments and fees on an IVA: |
|
|---|---|
| Nominee's fee | £1,150 |
| Supervisor's fee | £1,898 |
| Supervisor's costs * | £65 |
| Typical monthly repayments (x60 months) | £230 |
| Total paid by borrower (including fees mentioned above) | £13,800 |
| Total unsecured debt written off on completion | £19,313 (65%) |
| * average costs that are based on registration and insurance costs | |
The example shows the fees charged but you should keep in mind that every single IVA case is different and dependent upon your individual circumstances. You will be provided with copy of your proposed fees prior to your meeting of creditors where them will be scrutinised and voted upon by your creditors.
Debt Management Plan
You have a right to cancel the agreement at any time as set out in our Terms and Conditions of Business included in our information pack. In addition, you are entitled to a cooling off period of fourteen days which starts from the date we receive your signed Authority to Act form or the first payment (whichever is sooner). If you cancel your plan in writing during this period we will refund any fees already paid that are cleared funds. Note that upon cancellation your creditors may discontinue any reduced or frozen interest charges, agreed under the debt management plan.
IVA
An IVA can be cancelled at anytime before the IVA agreement commences. An IVA is deemed to have commenced upon acceptance of your proposal by creditors.
After this stage it cannot be cancelled. It will only terminate where you are in breach of the terms of the agreement, for example; where you miss agreed payments as set out in the arrangement.