We never charge you a fee!
however some solutions do have fees..
Debt Help Plan will never request a fee directly from you, we will walk you through your available options based on a financial assessment. We offer no obligation referrals to trusted authorised providers of suitable debt solutions and in return may receive a fee from them.
Some debt solutions may involve fees, these fees often differ based on the circumstances of each individual but will always be explained to you by your chosen debt solution provider in writing before you proceed. Free and impartial advice, debt counselling, debt adjustment and credit information services are available from the Money Helper website.
Individual Voluntary Arrangements (IVA)
In an IVA, a licensed Insolvency Practitioner (IP) assigned to your case will first act as Nominee and then Supervisor, drawing a fee for both services. The level of fees they propose depends on your individual circumstances. The level of the Nominee’s and Supervisor’s fees and expenses will be detailed in your IVA proposal. These fees may be calculated as a percentage of contributions paid by you, or as a fixed fee or on a time cost basis. It will be for the creditors to decide the basis and amount of such fees.
The fees will be payable from the monthly contributions that you make.
Your creditors will decide whether the fees are reasonable and they can reduce the fees at the meeting of creditors. In effect, it is your creditors who take the burden of the fees because the fees reduce the amount that creditors receive but the amount you pay into the IVA stays the same.
There are two fees associated with an IVA, the Nominee fee and Supervisor fee. Below is an explanation of these fees and how they are charged.
This is the fee incurred by the IP (Insolvency Practitioner) in drafting your IVA proposal and getting this approved at the creditor’s meeting. The nominee fees are paid out of the proceeds of the arrangement.
Once your IVA has been approved by creditors, your Nominee becomes your supervisor who will be responsible for monitoring and supervising your IVA for its duration. The fees that are chargeable for this are usually expressed as a proportion of what is recovered for your creditors in the IVA – generally 15% of realisations. (In other words 15% of the total payments you make in your IVA)
Finally, there are expenses to pay in every IVA, these include insurances to protect any money paid into your IVA, software licence fees and a registration fee to register the IVA with the Insolvency Service. Please note that all insolvency fees and expenses are paid out of the proceeds of the arrangement. You would not be required to make any additional payments in respect of Nominee’s, Supervisory or any additional costs. There are no upfront costs and if your IVA is unsuccessful then there are no fees to pay.
Debt Relief Order (DRO)
Debt Relief Orders are available through a limited number of approved intermediaries such as the Citizen’s Advice Bureau however, intermediaries charge a flat fee which is currently £90.
Debt Management Plan (DMP)
Debt Management Plan’s are available from a number of charitable organisations, free of charge. If applicable, a DMP fee is usually deducted from your monthly payment. Details will be disclosed to you before you agree to anything by a fee charging DMP.
Other Available Debt Solutions