Our Fee Structure
The fees that we charge will depend upon the type of debt remedy that we help you with.
For Debt Management Plans;
Initial set up fee:
This is the fee charged to set up your debt management plan.
The fee is calculated depending on the work involved but is subject to a minimum of £395.00. This minimum fee will apply to all Debt Management Plans that include 10 or fewer accounts to be managed. Each additional account will be charged at £48.00 subject to a maximum of £875.00 (20 accounts)
First Years servicing fee:
This is the fee charged for the administration of your Debt Management Plan.
As we do not administrate payments on your behalf our service fee is designed to reflect the amount of work involved in managing your case.
Your service fee is based on the number of accounts included in your Debt Management Plan as we believe that this fairly represents the work involved in managing your plan.
The minimum Service Fee is £48.00pcm, the maximum fee is £96.00pcm.
Your Service Fee will be calculated as follows.
- If you have less than 10 creditors included in your Debt Management Plan our minimum Service Fee of £48.00pcm will apply.
- An additional Service fee of £4.80pcm will apply for additional accounts to be included in the plan.
- The maximum service fee of £96.00pcm will apply for Debt Management Plans that include 20 or more accounts.
Future years servicing fees;
This is the ongoing fee charged for the administration of your Debt Management Plan.
The initial Set Up fee reflects the additional work involved in setting up your Debt Management Plan at the beginning. Once your Debt Management Plan has been up and running, it may be that there will be less work involved than during the first twelve months. Therefore, you will only need to pay your usual Service Fee in subsequent years of your plan.
Where we negotiate a reduced settlement with any of your creditors, our fee for doing so will be calculated at 10% of any savings made. We will always try and allow for this in the lump sum available.
Example: A client has a balance of £3000.00 outstanding and has a lump sum available of £1200.00. We would endeavour to negotiate a settlement of £1000.00, and if successful our fee for doing so would be 10% of the saving i.e. £2000.00 x 10% = £200.00.