We offer all-round debt advice and a full range of Debt Solutions, including Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs), Protected Trust Deeds (PTDs), Bankruptcy Assistance and Debt Relief Orders (DROs).
All our prospective clients have an in-depth review of their financial position before any debt solutions are recommended. There is no charge for the financial review and debt advice provided with regard to the debt solutions that may be in your best interests. Each of the service pages for the respective debt solutions explains how each solution works, for example, how an IVA works and the role of the Insolvency Practitioner.
Where applicable you may be referred to an alternative service provider, for example, a local competent authority if a Debt Relief Order (DRO) is regarded as the best solution for your circumstances. Extreme hardship cases may be referred to their local Citizens Advice Bureau (CAB) as part of our Client Charter in dealing with vulnerable and severe hardship cases.
All fees that are associated with any debt solution that Atlantic offers are totally transparent and disclosed prior to any contractual agreement being made with you. Your preferences are critical to the debt solution selected and affordability is a key criteria.
The fees that are applicable to an Atlantic Debt Management Plan are detailed in the table below and the Terms of Business that are associated with our Debt Management Agreement are available by clicking on the leaflet to the left.
|Commitment Fee||The initial fee for Atlantic to notify your creditors of our appointment and to commence negotiations to freeze interest & charges and stop debt recovery activity||£69.50|
|Set-up Fee||The fee to set-up your Debt Management Plan (DMP) and finalise your payment arrangement with your creditors using the Common Financial Statement||Equivalent of 2 months disposable income
Max fee: £595
|Monthly Management Fee||From your second month payment we will deduct a monthly management fee. This will continue for the duration of your DMP or until you reach the prevailing total fee cap||15% of your monthly disposable income
Max fee: £75.00
Min fee: £20.00
Atlantic Financial Management operates a vulnerable client policy and has the discretion to waive the First Month Payment or reduce the Monthly Management Fee to the minimum based upon personal or household circumstances.
Clients switching from another Debt Management Company will incur no First Month Fee and there will be no break in payments to your creditors. We undertake to match or reduce your Monthly Management Fees for the first twelve months of your Debt Management Agreement with Atlantic.
For clients in England & Wales or Northern Ireland, where an IVA is agreed to be the best debt solution for you then we will refer you directly to our chosen licensed Insolvency Practitioner, as we do not have an in-house Insolvency Practitioner. We operate a panel of Insolvency Practitioners covering all legal jurisdictions and they are all companies independent of Atlantic Finance (UK) Limited.
We do not charge any fees in respect of the IVA.
The Insolvency Practitioner will charge fees once you approve your IVA proposal and this will consist of a nominee fee and a supervisory fee in their role of Nominee and Supervisor, respectively. For more information on IVAs then click here to access the R3 booklet that should be read by a prospective client before incurring any fees.
The nominee fee is a fixed fee and covers the Insolvency Practitioner’s work in setting up your IVA proposal to your creditors.
The nominee fee charged by our Insolvency Practitioner is likely to be in the range of £750 to £2,500, with an average of £1,600.
The Insolvency Practitioner will be paid the nominee fee out of the payments you make into the IVA and these will not be paid to your creditors, so that your credit agreements that are part of the IVA will go into further arrears. The creditors are bound by the IVA proposal once approved provided that you maintain agreed payments to the Insolvency Practitioner.
It takes around 6 - 8 weeks to set up an IVA and during this period you will commence your monthly contributions into your IVA. It is likely that by the time the IVA is approved, you will have made one to two contributions which will be used as part payment of the nominee fee.
The supervisor’s fee covers the on-going administration of the IVA, disbursement of contributions to your creditors and any reviews that are required, including an annual review. The supervisor has reasonable discretion where your circumstances change without going back to your creditors and this may affect the contributions and fees.
The calculation of the supervisor's costs and fees will depend on the proposal and is therefore subject to your individual circumstances. Wherever possible our Insolvency Practitioner's follows the IVA Protocol, an agreed approach with the major lenders, where the supervisor’s fee will usually be 15% of your monthly or quarterly payment. For employed or retired people it will be normal for contributions to be made monthly. For the self-employed there may be flexibility in payments to allow for invoice payments by their customers. Your creditors will agree these supervisory fees with the Insolvency Practitioner and they will be deducted from the money you pay the Insolvency Practitioner for distribution to your creditors.
If your IVA fails, meaning your Insolvency Practitioner formally defaults the IVA, then you will remain liable for the balance of your debt and any Insolvency Practitioner fees and costs already incurred.
For clients in Scotland, where a Protected Trust Deed (PTD) is agreed to be the best debt solution for you then we will refer you directly to our chosen licensed Insolvency Practitioner, as we do not have an in-house Insolvency Practitioner covering Scotland. We operate a panel of Insolvency Practitioners this legal jurisdiction and they are all companies independent of Atlantic Finance (UK) Limited.
We do not charge any fees in respect of the PTD. Click for more information on Protected Trust Deeds
The fee the trustee will charge will depend on your individual circumstances, but the average charge is £4,500 (plus VAT). Your trustee will be paid before any money is made available to repay your creditors, though your creditors are bound by the trust deed.
If your PTD fails then you will remain liable for the balance of your debt and any Insolvency Practitioner fees and costs already incurred.
For clients in England & Wales, where Bankruptcy is agreed to be the best debt solution for you then we will refer you directly to our chosen licensed Insolvency Practitioner, as we do not have an in-house Insolvency Practitioner. We operate a panel of Insolvency Practitioners covering all legal jurisdictions and they are all companies independent of Atlantic Finance (UK) Limited.
We can offer expert advice on:
We charge a fee of £250 for this service, which includes the time of the Insolvency Practitioner and our personnel in preparing the debtors petition paperwork and arranging the court date, including use of the Court Desk if applicable. This fee excludes prevailing court fees and deposits. These are currently:
You will normally be discharged within 12 months of bankruptcy proceedings being concluded. Click for more information on Bankruptcy.
Where a DRO is agreed to be the best debt solution for you then we will refer you to Competent Authority, usually your local CAB. All Competent Authorities are entirely independent of Atlantic Finance (UK) Limited. The Competent Authority will explain the fee associated with setting up a DRO, which is currently £90.
We do not charge any fees in respect of the DROs.