Court Costs & Fees
Our service is dedicated to provide best advice at all times.
The service provides all initial advice without charging. If your case is referred to an Insolvency Practitioner or Debt Management firm a fee will be payable.
IVA Fees
IVA fees are highly regulated and are always subject to approval by banks and other creditors. If you are referred to do an IVA via this service all IVA fees will be included within the monthly IVA payment. This IVA fee structure ultimately means there are no extra requested except the nominees fees, supervisors fees and initial administration fee.
The IVA fees charged by the insolvency practitioner are illustrated clearly in the IVA proposal and are based on:
- The mount of unsecured debt owed
- The amount that is repaid into the IVA
The IVA fees charged by the insolvency practitioner are illustrated clearly in the IVA proposal and are based on; the amount of unsecured debt owed and the amount that is repaid into the IVA The following is breakdown of typical payments and fees on an IVA for someone owing £30,000 in unsecured debts and paying £300 per month into an IVA.
- Nominees Fee: £1,275
- Supervisors Fee: (over 60 months): £45 per month
- Expenses: £290
- IVA failure fees: If an IVA fails then the debtor has to pay back the rest of the debts and any IVA costs outstanding.
- Initial administration fee: £300
Debt Management Fees
The workload to administer a debt management plan is very detailed and involves the following:-
- Assessing your paperwork and income & expenditure.
- Making sure you are budgeting correctly for your monthly payment.
- Preparing a detailed living budget for you in line with creditor guidelines.
- Contacting all the creditors on your behalf and agreeing a monthly payment.
- Writing to your creditors and explaining your predicament.
- Distributing the agreed monthly payment via transfer or cheque.
- Regular reviews of your case every 3-6 months.
- Preparing and sending out regular performance updates and statement to you.
- Proving ongoing help and assistance to you throughout the whole life of the debt management plan.
Debt management plan fees are as follows:
An Initial Fee equal to 2 months disposable income will be retained from your initial payment(s) to your plan.
Thereafter a monthly fee equal to 17.625% of your monthly agreed disposable income will be charged, subject to a minimum fee of £35.00.
The Cost of Filing Bankruptcy
- Fee towards the administration of your bankruptcy. This is known as the deposit and must be paid to cover the bankruptcy costs.
- Court fee that may not have to be paid. In some circumstances the court may waive this fee, if you are on income support. If you are on not sure whether you qualify for a reduction in the fee or whether you are exempt from paying the fee, court staff will be able to advise you. To apply for exemption you need to obtain and complete form EX160.
- £12 if you swear the statement of affairs in the High Court or before a solicitor.
- Please note that these are the prices for a single bankruptcy. Husbands and wives must apply separately. If you have traded as a partnership within the last 3 years you can apply for a joint voluntary bankruptcy.
Please note that in line with OFT debt management guidance, Money Advice Direct Limited does not provide nor administer debt solutions itself. Instead the service will put you in touch with a licensed professional to arrange the debt solution.
Debt management plans are subject to status. Conditions apply. Repaying the debt over a longer period may increase the total amount to be repaid.
Your ability to obtain credit will be affected in the short term and might be affected in the medium term.
