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A fee charging debt management company is a firm that will charge you for debt advice and debt service. They usually take the first two months’ payments into your plan as upfront costs followed by 15% of your monthly payment plus VAT. The New Protocol launched in February 2013 will mean that the up front fees will be taken over six months. See Debt Management Protocol

 

There are some good fee charging firms operating in the debt industry and if you are happy with your firm then fine. However there are some shockers out there and we have the following guide to help you spot them, see our 7 point guide to spotting a dodgy debt advice website!

 

If you are thinking of starting a debt management plan or wish to transfer to a 'non' fee debt management plan and not pay fees then see how much we can save you by using the slide bars on our unique fee saving calculator above.



IVA, bankruptcy & debt management expenditure guidelines

Page last updated Thursday, 07 November 2013

calculator-paperThese revised expenditure guidelines are for 2013

This is a guide only and your actual expenditure, so long as it is reasonable and can be justified, should be the figures presented to and accepted by creditors/lenders.

The expenditure guidelines are designed to help you work out what the minimum and maximum lenders/creditors allow for housekeeping (food and toiletries), hairdressing, clothes and work meals, should your income allow it, plus much more.

We break each section down of your expenditure detailing some helpful tips about what lenders/creditors allow for one person, a couple and for each additional child.

Anyone thinking of proposing either a Debt Management Plan or Individual Voluntary Arrangement (IVA) or even going Bankrupt will find this guide extremely useful.

Disclaimer

This expenditure guide is for guidance only. Lenders may vary the figures in line with your personal circumstances.

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Budget Wizard

The DebtWizard Budget Form, which is free, will not only help you avoid getting into debt but if you are in debt already it will quickly establish your position and predict how much your debt will increase over the next 5 years.

It's completely web based and private, secured with 256 bit encryption. Because it's all on the web you can log in and work on your free budget form anywhere there is an internet connection.

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