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.
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.
We do not charge any upfront fees in our IVAs. Payments are only made if and when your 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
This is a fixed fee that will cover the work that goes into setting up your IVA:
Your first few monthly payments (from 3 - 5 monthly payments) will go towards paying the nominees fee before your creditors receive any money.
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
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.
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 in an IVA.
Typical monthly repayments (x 60 months)
Total paid by borrower (including fees mentioned above)
Total unsecured debt written off on completion
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 they will be scrutinised and voted upon by your creditors.
We mainly provide IVAs but we can provide other Insolvency services. Any fees for other services will be discussed prior to commencement.
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.
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.
" From start to finish they have been upfront and honest. They have helped me put my life back on track, thanks guys :-) "
Work out what your new monthly debt repayment could be by filling in our debt and budget calculator form.
A couple were jointly paying creditors over £700 per month. We were able to have this payment reduced to £300 per month, with all interest and charges frozen. After 8 months of paying this reduced sum, they proposed to remortgage their home. This was successful and they released £19,000. Their creditors accepted this as a full and final settlement of their debts.
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McCambridge Duffy LLP is a Limited Liability Partnership
registered in England and Wales.
Registered number 0C309544
Registered office 17 Hanover Square, Mayfair,
London, W1s 1HT