Debt Management Fees
Information regarding Debt Management fees
During the first 6 months of your plan we do not charge an administration fee. The fee we charge covers the work we undertake to set up your plan. This includes drafting your debt management plan, sending this out to creditors, liaising with creditors to gain their acceptance to the plan, dealing with creditors’ queries and monitoring the plan in the first 6 months. The fee charged to cover these services is calculated at 3 times your monthly payment, which is paid equally over the first 6 months of the plan, subject to an upper limit of £1,500.00. Creditors will receive a reduced payment during this time (not less than 50% of your monthly payment). You may go in to arrears or further arrears during this time but these will all be included in your plan.
Once the set up fee has been collected, from the 7th month the management fees of 20% of your monthly payment will be collected, subject to a minimum of £30.00 and a maximum of £150.00. No charges will be made other than the agreed monthly payments and you will not be asked to pay any amount over and above the agreed monthly payment.