Our Fees

 

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.

 

Assistance with going bankrupt

 

You may wish to use our bankruptcy assistance service to help you throughout the bankruptcy process.

 

Wilmott Turner charges an upfront fee for this service. Our charges are as follows:

 

Single person Bankruptcy Application: £750

Note: An increase to the standard fees may be charged if you require a more in depth assistance. This will be the case if you are already bankrupt, self employed, a home owner or are currently residing outside of the UK. This fee will be highlighted to you before you proceed with the service.

 

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

 

 

Assistance with starting an IVA

Wilmott Turner does not charge you for any of the advice we provide. In addition, there is no charge for any work we undertake in assisting you with starting your IVA.

 

IVA Company Fees

 

Once your creditors accept your IVA, you must start to make your agreed monthly payments.

 

Your IVA Company - more specifically the Insolvency Practitioner (IP) assigned to your case - can then deduct their standard fees from the payments you make.

 

These fees are as follows:

 

• Nominee Fee

This fee is taken to cover the cost of proposing and agreeing your IVA proposal with your creditors.

 

The Nominee Fee will vary depending on the nature of your case. As standard it will be around £2000-£2500. However, it could increase in more complex cases – for example if you are self employed.

 

You do not have to pay this fee directly. It is taken from the normal payments that you make into your IVA.

 

Note: Once your Individual Voluntary Arrangement 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.

 

• Supervisor Fees

These fees are to cover the ongoing management of your IVA every year that it is in place.

 

The Supervisor Fees are normally based on 15% of the amount that you pay into your IVA each year.

 

As with the Nominee Fee, it is important you understand that you do not have to pay these fees directly. They are taken from the normal payments that you make into your IVA.