Free Initial Advice

Any initial advice we provide to you (either on the telephone, via e-mail, live chat or online forum) is given for free without charge or obligation.

Debt Management Plan fees

We do not offer a service to help you implement a Debt Management Plan (DMP). We will advise you as to whether it is the right debt solution for you.

If you do want to go ahead and apply for a DMP, we will explain the options open to you. These include using a free or a fee charging service. We will also suggest options of different organisations that you should speak to.

Bankruptcy Assistance Service fees

If you decide to go bankrupt, you may wish to use our bankruptcy assistance service to help you throughout the process.

We charge an upfront fee for this service. Our charges are as follows:

Single person Bankruptcy Application: £350
Couple Bankruptcy Application: £575

An increase to the standard fee may be charged for individuals or couples currently residing outside of the UK or for other individuals who require more in depth assistance such as those who are self employed. This will be agreed in advance and be stated in the Letter of Engagement.

In addition to our fee, you will also have to pay the Government bankruptcy application fee.

IVA Application service

If you want to apply for an IVA we can help. We will provide you with the help and support you need to get the Arrangement in place.

We will not charge you for any of the advice we provide or for any work we undertake in assisting you in producing your Statement of Affairs or the drafting of your IVA proposal.

Insolvency Practitioner Fees
Once your IVA is accepted the Insolvency Practitioner will then charge fees. However you do not have to pay these directly. They are taken from the agreed payments that you make into your Individual Voluntary Arrangement. A description of these fees is given below.

Nominee Fee
The Insolvency Practitioner who presents your IVA proposal to your creditors is called the your Nominee. The work of the Nominee includes:

– An initial meeting (normally on the telephone but could be face to face) to fully understand the details of your income, expenditure, assets and income
– Gathering supporting documentation and preparing your Individual Voluntary Arrangement proposal document
– Liaising with your creditors if necessary
– Convening the meeting of your creditors, chairing the meeting and again liaising with creditors on any queries or modifications they request

The Nominee Fee charged for this work is normally £1000 although this could be more in certain circumstances.

Once your IVA is accepted the Insolvency Practitioner will pay Wilmott Turner an amount equivalent to 75% of the agreed Nominee Fee for our assistance with drafting your IVA proposal. This cost is paid by the Insolvency Practitioner. It is not an additional cost to you.

Supervisory Fees
The Insolvency Practitioner who manages your Individual Voluntary Arrangement for its duration is called your Supervisor. The work of the Supervisor includes:

– Monitoring the contributions you make into your Individual Voluntary Arrangement
– Making payments to your creditors as required (monthly, quarterly or annually)
– Generally monitoring the progress of your IVA in accordance with the proposals
– Carrying out an annual review of your case (or at intervals required by your creditors)
– Working with you to manage any changes in your financial circumstances

The Supervisor Fees charged for this work are normally based on 15% of the amount that you pay into your IVA after the Nominee fee and initial costs have been deducted.

Who we are and how to contact us

Beatmydebt.com is a site operated by Wilmott Turner Financial Services Ltd (“We”, “Us”, “Our”). We are registered in England and Wales under company number 6925024 and have our registered office at 74 Willowbrook Road, Southall, Middlesex. UB2 4RH. Our main trading address is 116 Springfield Road, Windsor, Berkshire. SL4 3PS.

We are regulated by the Financial Conduct Authority (FRN 667740).

To contact us, please email enquiries@wilmott-turner.co.uk or telephone our customer service line on 0800 088 7376

We are a commercial (fee-charging) debt management company.