Further Information about our services

We provide free debt advice and will only charge a fee when you opt for one of our debt solutions. The fees for the services we provide are different depending on which debt solution we provide.
All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan.

Debt Management Plan Fees

Fees related to Debt Management Plans are in two parts;
1) An initial fee of your first monthly payment, subject to a minimum of £100.
2) An ongoing monthly fee of 15% of your monthly payments, subject to a minimum payment of £25
Your Initial fee will cover the work that goes into setting up a debt management plan. That involves:

Reviewing your draft payment programme
Figuring out the new repayment proposals
Preparing your financial statement
Talking to your creditors - renegotiating your monthly debt payments

Because this fee does not go towards your debts, you will go further into arrears for the first month.
The monthly management fee covers the ongoing work involved in keeping your debt management plan running smoothly. This includes:

Making the agreed payments to each of your creditors
Answering phone calls and letters from your creditors
Creating the detailed payment statement you will receive every quarter
Carrying out a review of your circumstances every six months (or more often, if necessary).

Your fees also cover a personal case manager who will be responsible for making sure you plan runs smoothly. If it looks like you cannot afford your monthly payments any more, we can renegotiate with your creditors - they may agree to accept smaller payments if it looks like the best way of bringing your debt management plan to a successful conclusion.
Our Debt Management Plans are provided by our debt management company National Debt Relief who are licensed to carry out these activities.

IVA Fees

Fees incurred for Individual Voluntary Arrangements are variable dependent upon the monthly contribution to the arrangement and the agreement that is reached with your creditors. Fees are made up of Nominees fees relating to assistance given to prepare your proposal and Supervisor fees which relate to the ongoing monitoring of your IVA. Fees are drawn from your monthly contribution or other assets which form part of your proposal. The level of fees and the method of payment are both agreed by your creditors at the outset of the arrangement.

Upfront Fees

We do not charge any upfront fees in our IVAs. Payments are only made if and when you IVA is agreed by your creditors. If for any reason whatsoever your IVA is not accepted by your creditors you will have nothing to pay. We will also help to find you an appropriate alternative.
The fees payable in an IVA come from your monthly payment. Your monthly payment will be a figure you can afford. This money all goes into your personal client account and is then distributed to creditors as defined in the proposal. Our fees are also paid out of the same account as agreed with your creditors who set our fees at the beginning of the arrangement.
The fees are defined as Nominee and Supervisor Fees

Nominees fee

This is a fixed fee that will cover the work that goes into setting up your IVA:

Creating your IVA proposal. This is the document which must be approved by enough of your creditors for your IVA to start. It defines the proposed terms of the IVA: how much you would pay, what each creditor would receive, etc.
Setting up the creditors meeting. This is when your creditors will formally approve your IVA proposal, reject it, or request changes to it.
Assessing any suggested changes. If any creditors have requested changes to your IVA proposal, your IP will advise you on whether you should accept those changes - or consider a different approach to your debt problems.

Your first few monthly payments (from 3 - 5 monthly payments) will go towards paying the nominees fee before your creditors receive any money.

Supervisors fees

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

Your Relationship Manager who will deal with any day-to-day issues that arise, ensuring your IVA runs smoothly.
Your Insolvency Practitioner (IP) who will carry out regular reviews of your IVA and address any more serious issues that come up - if, for instance, your financial situation worsens, and you need your IP to arrange an IVA variation (a legally binding change to the terms of your IVA, designed to help you bring the IVA to a successful conclusion).

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.

An example of how IVA fees are charged and what these would be...

A client owing £30,000 contacts us and we recommend an IVA as their best solution.
The client can afford £230 per month to offer to their creditors.

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.

Fees for other services

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.

Cancellation Policy

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.

Call Charges

Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.
To arrange a free callback simply complete any form on our site.