Our Fees


The fees for all of the Debt Help services explained

At FreshFinance we are committed to providing you with the highest level of service. Our partner GW Financial Solutions charge a fee for the service they provide. As they do not receive funding from any other sources, the charges they make to you for using their services helps them maintain their overheads and provide a service to you. To ensure you have all the information you need to make the right decision, we have put together some clear guides on the different fee structures across Debt Management Plans, IVAs, Trust Deeds and Bankruptcy.

Debt Management

Debt management fees can be broken down into 2 types:

  • The setup fees
  • The management fees.

Setup Fees

The setup fees charged are to cover the costs incurred in advising you and setting up your Debt management programme with your creditors. Our partner GW Financial Solutions will charge you fifty percent of your first four monthly payments into your programme. In other words, your creditors will only receive fifty percent of your payment for the first four months. The remaining fifty percent will be retained by GW Financial Solutions to cover their fees and will not be distributed to your creditors.

Management Fees

The management fee covers the monthly running of your Debt Management Plan, including distributing payments and dealing with all of your correspondence to and from creditors. They charge a fee of either a minimum of £37.95 or 15% of your monthly repayment. Your fee will never exceed the amount paid to your creditors and is deducted from your monthly payment; the remaining monies are then distributed to your creditors from month one of your plan. For more information on their fees, please visit GW Financial Solutions's DM Client Care Booklet

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IVA

There are two fees associated with an IVA, the Nominee fee and the Supervisor fee. Below is an explanation of these fees and how they are charged.

If an IVA is recommended as a suitable solution for you, and you decide to proceed, GW Financial Solutions will conduct a comprehensive review of your personal financial circumstances and submit your case to the Insolvency Practitioner. Our partner company GW Financial Solutions will require a fixed fee of your first two monthly payments to carry out the services below in helping you setup your IVA.

  • Advising you on all the options available to you.
  • Collating all the documents that are needed to verify the value of any assets you own.
  • Preparing the first draft of your income and expenditure schedule.
  • Collating details of your creditors and writing to advise them of the position and seek up to date balances on your accounts.
  • Liaising with your and your creditors.
  • Verifying your financial statement in reference to your documents.
  • Verifying the advice we have given to you.
  • Dealing with any creditor enquiries.
  • Seeking any additional information needed and drafting your proposal documents.
  • Handing over your file to your Insolvency Practitioner.
Nominees Fees

These are fee incurred by the Insolvency Practitioner for agreeing to act for you and for holding your meeting of creditors. The fee chargeable is typically five monthly payments. The nominees fees are paid out of the proceeds of the arrangement.

Supervisors Fees

Once your IVA has been approved by creditors, your Nominee becomes your supervisor who will be responsible for monitoring and supervising your proposal for its duration. The fees that are chargeable for this are usually expressed as a proportion of what is recovered for your creditors in the IVA – usually 15% to 23% of realisations. (In other words 15% to 23% of the total payments you make in your IVA). Alternatively fees may be dependent on how much time your Insolvency Practitioner spends in supervising your arrangement. Please note that all Insolvency fees ie Nominee and Supervisors fees are paid out of the proceeds of the arrangement. You would not be required to make any additional payments in respect of Nominee’s and Supervisors costs.

You will be provided with details annually of your Supervisor’s fees in the annual report that he will prepare and which will be forwarded to you and your creditors.

Example Case

The following is an example of how IVA costs are calculated on a monthly payment of say £250 if your IVA is approved and successfully concluded.

Voluntary Contributions are 60 monthly payments of £250 = £15000,
Nominees fees are usually 5 monthly payments the Voluntary Contributions amount to 5 x £250 = £1250
Supervisors fees usually 15% to 23% of realisations ie the total amount you pay into the arrangement= £2,062
Total amount available for creditors is £11,688
Total costs = £3,312 to the Insolvency Practitioner paid out of the monthly payments you make into the arrangement.
The sum of £11,688 will be payable and distributed to your creditors in full and final settlement of all your debts.

These figures are in addition to the 2 monthly payments you will make. You will have already been provided with an outcome statement that compares the estimated costs and duration of your undertaking an IVA or alternatively an informal Debt Management Programme

Bankruptcy

In order to carry out a Bankruptcy case, our partner company GW Financial Solutions will agree to act for you for a fixed fee.

The fees they charge you are to cover the cost of their service to you for the following:

  • Advising you as to whether Bankruptcy is in your best interests and advise you of all the options that are available to you in dealing with your debt.
  • Completion of the Bankruptcy documents in readiness for your Bankruptcy hearing.
  • Notifying your creditors of your present position and your intended course of action.
  • Arranging your Bankruptcy hearing at court. Please note your attendance will be required at court on the day of the hearing.
  • Dealing with any queries you may have before the Bankruptcy Order is made.

In addition to their fees (typically five hundred pounds), there are disbursements that you will need to pay in order for the Court Costs and the Official Receiver to process your Bankruptcy application. These fees currently total Seven hundred and five pounds. GW Financial Solutions will notify you if this fee increases during the course of your bankruptcy. Payment of this fee must be made to the Court upon the lodging of your paperwork. The Court will not accept payment of this fee by way of a personal cheque. Payment of the fee must be in cash or banker’s draft. If you are in receipt of certain welfare benefits or are in receipt of a low income you may be able to get a fee remission on part of the Court fee. If you are in receipt of benefits you may be able to secure a reduced fee in respect of the Court fee. There is no fee remission in respect of Official Receivers fees, which will always be payable regardless of income. They will advise you if we feel that you may be eligible for a fee reduction. In the event of your circumstances being unusually complex or difficult, they reserve the right to charge you additional fees for using their services. If it is their intention to make an additional charge to you, they will advise you of what their revised charges will be before they render those charges to you. If you are not agreeable to their revised charges, you can terminate their instructions and they will provide you with further information as to the source of alternative debt help services. In these circumstances you will not be entitled to a refund of any payments you make to us unless they have acted in breach of our terms of business.

Once they have prepared your bankruptcy forms and forwarded these to you, or upon termination of this agreement, they will transfer from their clients account the sums you have paid to them on account of their charges to their office account.

What Their Fixed Fee Does Not Cover

Should you require them to provide additional advices to you after the Bankruptcy Order has been made this is not a service which they are presently providing within the fixed fee structure as set out above. Should you require additional advices from them post bankruptcy they would be willing to provide those to you and we will advise you beforehand what the additional charge to you will be. This will be calculated on an hourly rate, which they will agree with you prior to any charges being made. They will ask you to make a payment to them on account of their costs.

Protected Trust Deeds

GW Financial Solutions do not offer Protected Trust Deeds nor Sequestration in house but do have approved partners who will be able to assist you with any of the Scottish debt solutions. For preparing your case a referral fee will be payable to GW Financial Solutions by their partners.

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Our Fees

FreshFinance is a trading style of Fresh Finance Marketing Ltd (FFDM). FFDM is a web marketing company who receive a fixed marketing fee each month from GW Financial Solutions for maintaining and marketing the FreshFinance, Bankruptcy Clinic and Fresh Finance websites. All enquiries received from the above 3 websites go direct to GW Financial Solutions.

Free Services

If you would prefer a free debt service then free debt counselling and advice is available from the Money Advice Service at www.moneyadviceservice.org.uk

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