Fees & key information

• What are the fees for your solutions?
• If you enter into a debt solution with us, there may be fees involved. As one of the longest-standing debt help providers in the UK, we promise our customers an excellent service, and we will always ensure our fees stay competitive.
• Will my credit score be affected?
• Any debt solution that involves paying less than originally agreed will have an impact on your credit rating in the medium to long term. We'll talk you through all the pros and cons of each solution before you sign up for anything.
• What if I change my mind?
• If you choose to enter a solution with us, you have the right to cancel the agreement at any point within the first 14 days and some solutions allow cancellation up to formal acceptance. If you do, you will receive a refund of any fees you may already have paid to us during that time.

About the fees

Individual Voluntary Arrangement fees

We will only charge you a fee if your Individual Voluntary Arrangement (IVA) is proposed and accepted by your lenders.

Fees are paid out of – not in addition to – your regular affordable monthly payments.

Once your IVA has been accepted, the fees you pay will be:

• 1. Nominee's fee
• 2. Supervisor's fees
• 3. Costs/expenses

Nominee's fee

This fee covers our professional costs and charges for arranging your IVA including:

• Preparing your IVA proposal - which sets out the proposed terms of your IVA and provides your lenders with a detailed snapshot of your finances.
• Organising the creditors' meeting, in which lenders can request changes to the terms of your IVA.

It will typically be between £1000 and £2700 and is often capped to an amount equal to your first 4-6 months’ IVA payments, or it may be a fixed amount as instructed by your lenders.

The Nominee's fee will be taken as instructed by lenders at the virtual meeting that determines whether the IVA will be accepted. The lenders usually decide to either allow the Nominee fee to be taken before payments to your lenders or will instruct us to take the Nominee fee alongside making small payments to them from your third monthly payment.

Supervisor's fees

The Supervisor’s fees cover the ongoing work involved in running your IVA and is calculated as a percentage of "realisations": typically it is charged at 15–18% of any money received by the Supervisor and distributed to your lenders, such as your monthly contributions, any assets (e.g. the equity in your property, successful PPI misselling claims) and windfalls (e.g. an inheritance) that you receive during the term of your IVA. Your lenders will decide the percentage or amount that can be charged as a Supervisor fee.

Costs

We are also entitled to claim back the cost of certain expenses (such as postage, insurance, etc) incurred directly in connection with the running of your IVA.

The amount of our fees will be clearly set out in your IVA Proposal. They must be approved, and may be changed before it is accepted, by your lenders.

If your circumstances improve

If your circumstances improve during your IVA, the maximum you will repay is your original debt, plus statutory interest, plus our fees as agreed at the time your IVA was approved by your lenders.

Top of page

Close this window