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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.
Major changes in the way a consumer goes bankrupt draws closer
The need for consumers to no longer go to court to petition for their bankruptcy has moved a step closer as the government announces new procedures to make consumer led petitions simpler and more cost effective.
There will be no change to creditor led petitions. The news comes following an in depth consultation in which DebtWizard participated.
The current system
Under the current system, debtors must attend at their local bankruptcy court in order to petition for their own bankruptcy. Whilst the required forms can be obtained on-line, in all cases the debtor must attend court in order to file the papers. The requirement to attend court personally means that in some areas of the country, debtors must travel considerable distances in order to file their petition incurring additional costs they could well do without.
New adjudicator
The court will be replaced by a new adjudicator and the procedural changes are expected to free up court resources and time and make the process cheaper to administer than the current system.
Expected date of change
The Enterprise and Regulatory Reform Bill is currently in the House of Commons and will not become law until it has received the Royal Assent. The Insolvency Service confirmed to us that they expect the changes to be implemented in April 2015.
We will report further in our members newsletters, you can sign up for free or see last newsletter.
You can read a summary of the Reform of the Process to Apply for Bankruptcy and Compulsory Winding Up and see what firms participated here.
Mike's blog
Court process to be removed from bankruptcy procedure but will it help those that need to go bankrupt? Read
Free Bankruptcy Support from the DebtWizard
If bankruptcy is for you then why pay a firm between £500 and £1,000 for them to help filling out the bankruptcy forms? We show you how to do it for free, what to expect at court and what to say to your creditors, plus lots more!
Our 'bankruptcy support' section will help guide you through the process, we cover
- The consumer bankruptcy forms and their key points
- Finding the bankruptcy fee / Do I have to pay Court fee of £175?
- Getting the timing right & a new bank account
- Finding the right court
- What to wear and what happens at court
- The Official Receiver’s (OR’s) interview
- Income Payment Agreements (IPAs)
- Post bankruptcy, your creditors
- Will my name be in the local paper?
- Bankruptcy /debt jargon
Take me to the Bankruptcy Support Guide
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Are you owed thousands of pounds in mis-sold Payment Protection Insurance (PPI)?
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