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fees and key information

If you choose to take out a debt solution with us, here is some important information for you to make a note of.
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fees

If you choose to enter into an individual voluntary arrangement (IVA) there will be fees involved. The level of any fees taken will be decided by your creditors. The costs in relation to your IVA may also be claimed back. A fee will only be charged if your IVA is accepted. All costs are built into your monthly payment. Once your IVA has been accepted, the fees payable will be:

• A Nominee’s fee
• Supervisor’s fees
• Costs and expenses

nominee’s fees

A licensed insolvency practitioner must act as Nominee of an IVA. This fee covers the professional costs involved in arranging your IVA, including:

• Preparing your IVA proposal – which sets out the proposed terms of your IVA and provides your lenders with a detailed snapshot of your finances.

• Arranging the creditors meeting.

It will typically be between £1,750 and £1,900 and is often capped by your creditors The Nominee’s fee will often be paid first, before any payments are made to your creditors.

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supervisor's fees

The Supervisor’s fees cover the ongoing work involved in running your IVA. It will usually be calculated as either a fixed amount, a percentage of the realisations (payments) received into your IVA, or a combination of both.

It is typically charged at 15-18% of any money received by the Supervisor, such as your monthly contributions and any assets and windfalls (e.g. the equity in your property, successful PPI mis-selling claims and an inheritance that you receive during the term of your IVA), or £1,750 plus 15% of any funds received other than the monthly contributions.

disbursement & costs

Disbursements are payments made to third parties to cover essentials such as the cost of registering the IVA with the Insolvency Service and the insurance (bond), which is a legal requirement.

How much you will pay in fees will be clearly set out in your IVA proposal. They must be approved by your creditors and may be changed before the proposal is accepted.

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key information

We do not directly provide solutions, we offer a no obligation referrals to trusted providers of appropriate solutions and receive a fee from these providers if customers agree to these solutions. All of the insolvency practitioners that we work with are authorised to act as insolvency practitioners in the UK, by The Insolvency Practitioner’s Association or the Institute of Chartered Accountants in England and Wales.

Together, we’ll help you resolve your debt problems in the best way for you.
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Care About Money Limited
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.

Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.

Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
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Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.

All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected. 
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