We are committed to providing a high level of customer service to our clients; we strive to provide information which is transparent for our clients. While we are able to provide our initial advice by telephone at no charge to our clients’, fees will be involved if you proceed with your recommended solution. We aim to keep our fees at a minimum level while maintaining an excellent level of service for our clients’. For more information our fees read below.
What if I change my mind?
Remember there is no obligation to proceed with your recommended solution after our initial consultation. If you do commit to one of our solutions you have the right to cancel your agreement within 14 working days.
Will it affect my credit rating?
A record of your agreement with us will be held on your credit file for up to six years and your ability to obtain credit may be affected
The Insolvency Services has produced a guide – In Debt? Dealing With Your Creditors
Please click here for information on our complaints procedure
Fees
Debt Management Fees
We have to charge a fee for our service so that we can provide a superior quality service to our clients. If you join a Debt Management Plan with Refresh your first monthly payment and 50% of your second and third payment is an initial fee for setting up arrangements with your creditors and is not paid to your creditors. This will place your accounts into arrears or further into arrears and may extend the time it takes to repay the debt. There’s a monthly fee of 17.5% included as part of your affordable monthly payment (subject to a minimum of £29.00 and a maximum of £300.00).
This is to cover:
- Compilation of the Draft Plan
- Appointment of a dedicated Debt Advisor
- Communication with your creditors either in writing or by telephone
- Preparation of the financial statement
- Calculation and issue of the reduced repayment proposals
- Negotiation to reduce or freeze interest and charges
- Distribution of your monthly payment to your creditors on a pro-rata basis
- Account reviews and renewal of creditor arrangements
The initial fee is not refundable. However, we do give you a 14 day ‘cooling-off’ period so you can be sure you’ve made the right decision. If you decide to withdraw from the Debt Management Programme within 14 working days from the day you confirm acceptance of our business terms or, if earlier, from the date we receive your first monthly payment, we’ll refund your initial fee.
Individual Voluntary Arrangement (“IVA”)
The costs of an IVA are as follows:
Nominee’s Fees – this is the fee payable to the Nominee to cover all work and assistance with the proposals prior to the creditors meeting, the preparation of the Nominee’s report, the convening of all creditors meeting and the filing of the Chairman’s report of the meeting in Court. The fee payable to the Nominee must be disclosed in the proposals, plus out of pocket expenses and VAT. The Nominee’s fee is stated in the IVA proposal and is approved by your creditors.
Supervisor’s Fee – this is the fee payable to the Supervisor to cover all work relating to supervision of the IVA post approval by the creditors. The Supervisor’s fee is stated in the IVA proposal and is approved by your creditors
These fees will be paid from the monthly contributions you propose to make as per the terms and conditions of your proposed voluntary arrangement. If your creditors do not agree to your IVA then there are no fees to pay.
Trust Deed Fees
Throughout your Trust Deed (which will probably last for 3 years), you will pay a flat fee every month.
- The size of your monthly payment will depend on the value of your assets and on how much you can afford to pay per month once you have accounted for all your essential expenditure (rent/mortgage, food costs, heating and lighting, and so on).
- The size of your monthly fee will be determined before your Trust Deed even starts, when your IP draws up your Trust Deed proposal. This is the document which details the proposed terms of your Trust Deed – unless a certain number of your creditors object to the terms, your Trust Deed will become protected by law.
Your monthly payments will be stored in a creditor’s pot – once the flat fee has been deducted from this pot, your creditors will receive their payment. (The timing of this deduction will vary from case to case.)
The fee will cover the costs involved in setting up your Trust Deed. It will also pay for the ongoing supervision and maintenance of your Trust Deed right up to the day it finishes:
- You will have a Relationship Manager overseeing the day-to-day running of your Trust Deed, as well as providing help and advice and tackling any issues that may come up.
- And your IP will be there to help if necessary. For example: if your income drops (or your essential costs rise) and this means you can no longer afford your payments, your IP may be able to arrange a Trust Deed variation (a legally binding change to the terms that takes your new circumstances into account).
Note: It is essential that you make your monthly payments to your Trust Deed, or it could fail – in which case you would be liable for the remaining balance and any costs already incurred.
However, you may be permitted a small break from your payments if, for example, you are facing short-term problems (such as dealing with unexpected costs) that significantly reduce your disposable income.
Our Trust Deeds are provided by Campbell Dallas.
Call Charges
Calls from a BT land line are free; however, calls from non BT land lines may vary. Calls from mobiles will be charged, as such it may be cheaper to dial 028 417 52062 from a mobile phone.
To arrange a FREE callback, please complete the form on the top right of the page.
