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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 Tuesday, 24 January 2012
These revised expenditure guidelines are for 2011
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.
If you make any payment weekly then just multiply this figure by 4.33 to get an average monthly payment. If you pay yearly then divide by 12 to get an average monthly payment. If you pay quarterly then divide by 3 to get the monthly payment.
You will find the cost on any agreements or bank statements. These are the maximum figures should your income allow it.
Disclaimer
This expenditure guide is for guidance only. Lenders may vary the figures in line with your personal circumstances.
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