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No Debt Now – On The Move

Written on November 28, 2008 by Ivan Cooper

North West based debt management specialists No Debt Now are planning to relocate to Altrincham in the new year. The company offers debt advice and assistance to consumers that are having difficulty keeping up repayments on unsecured credit commitments, including credit cards and personal loans. For the majority of clients the most suitable course of action is a Debt Management Programme, however for more serious cases an iva may prove to be the most suitable solution.

NDN director, Mike Paterson, confirmed that the company was forced to upscale the business because of a large increase in demand for it’s services. With the reccession starting to bite, the number of people requiring financial assistance or iva advice is on the increase. “We are certainly stretched to the limit in our current offices and the firm simply requires more space in order to cope with the increase in the size of the operation” said Mr Paterson when we touched base earlier today.

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Fees & Information

We cannot guarantee a reduction in interest or charges. If an IVA is not maintained it could lead to bankruptcy. Whilst initial debt advice is free, fees will be charged if a solution is taken out.

Fees related to Debt Management Plans are in two parts;

"Initial Fee" means your first two "Monthly Payments", which is paid by You to "Us". This represents our fee for establishing your arrangement, and therefore is not distributed to your creditors, and can be paid in two separate instalments. Retention of this fee will put you into further arrears.
"Monthly Fee" means the Fee payable for our Services each month. This is an amount equal to 17.5% of your "Monthly Payment" (apart from your first two "Monthly Payments" which is the "Initial Fee"), subject to a minimum payment of £30 for disposable incomes of 0 - £100, and £35 for disposable incomes of £100.01 - £200.

Fees incurred for Individual Voluntary Arrangements are variable dependent upon the monthly contribution to the arrangement and the agreement that is reached with your creditors. Fees are made up of Nominees fees relating to assistance given to prepare your proposal and Supervisor fees which relate to the ongoing monitoring of your IVA. Fees are already included as part of your monthly contribution. The level of fees and the method of payment are both agreed by your creditors at the outset of the arrangement.

A record of your agreement with us will be held on your credit file for up to six years, and your ability to obtain credit in future may be affected.

You are provided a cooling off period of fourteen days from the date the agreement was deemed to commence, during which you may cancel our agreement. Should you give notice to us that you would like a refund of a payment, or payments, (being other than the initial fee) then where no distributions have, at that time, been made by us, or are in the process or course of being made by us, in respect of that payment or payments this will be made in full (i.e. without deduction of our fee of 17.5%).

The Insolvency Service has produced a guide: In Debt? Dealing With Your Creditors

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Fees & Information