How you will pay us (Our management fee Explained)
- Our initial setup fees will be charged as below;
6.a if your monthly disposable income is less than £125 then our initial setup fees will be three months of your disposal income
(payable in six equal monthly installments).
6.b If your monthly disposable income is more than £125 then our initial setup fees will £250 plus your one-month disposable income (payable in a minimum six equal monthly installments). We do not charge any additional management fees during the first six months of your pay plan term, our management fees becomes payable from the seventh month onwards as per clause 6.c.
6.c Unless otherwise agreed, our standard fee payable from 7th month onward will be 20% of your monthly payment or £40 whichever is higher (subject to maximum £100 fees cap) for managing up to 08 creditors on your file, 22% of your monthly payment or £45.00 whichever is higher (subject to maximum £100 fees cap) for managing from 9 to15 creditors. From 16 to 20 creditors, our fees will £70 or 22% of your monthly payment(subject to maximum £100 fees cap). Above 21 Creditors our fee will be flat £100 of your monthly payment. You authorise us to recover our management fee from the client bank account prior to issuing payments to your Creditors mentioned in the ACME Pay Plan.
- You do not pay us management fees upfront.
- We will send payments to all your lenders from month one onwards, which will always be 50 percent or more of your total monthly payment to us during the whole term of the plan.
|Our fees for DMP Service explained further.
There are two types of fees when a new client joins our Debt Management Service.
1. Set Up Fee
2. Management Fee
1. Set Up Fee
If your monthly disposable is less than £125 then our fees will be three months of your disposal income (payable in six equal monthly instalments),
if your monthly disposable is more than £125 then our fees will £250 one off setup fees plus your one month disposable income (payable in minimum six equal monthly instalments) .
We do not charge any additional management fees during the first six months of your pay plan term or until your set up fee has been received by us, our management fees become payable only after set up fee has been received, refer to the below calculation table for fees explanation; You do not pay us management fees upfront.
Fees calculation explained
Once your six months are over or if your set up fee is fully received, you will revert to the below fees structure. (The amount set out in the below table have been calculated to ensure that we always distribute at least 50% of your monthly payment to your lenders from month one onwards).
Example of our Fee calculation;
We will send payments to all your lenders from month one onwards, which will always be 50 percent or more of your total monthly payment to us during the whole term of the plan.
The minimum fee payable is £40; the actual amount of our fee is shown in the ACME Pay Plan.
b. We will pay all further payments to your Creditors mentioned in the ACME Pay Plan, after deducting our Fee.
3. about your money and the Bank Account
a. We will place all money that you pay us under the ACME Pay Plan in the Client Bank Account.
b. We will pay your Creditors mentioned in the ACME Pay Plan from the funds held on your behalf in the Bank Account.
c. You have authorised us to obtain payment of our Fees from the Bank Account.
|You will receive a quotation which will tell you about any other fees relating to additional work you authorise us to act on.|
Ask an Expert
Money Advice Service
To find out more about managing your debt and receiving free debt advice visit www.MoneyAdviceservice.org.uk
Further Additional Information
The insolvency service has produced a guide for people who are struggling with debt. This guide outlines each of the available solutions. You can download the guide by clicking the following link – In Debt? Dealing With Your Creditors.
From Our Blog
<H1>Debt solution -DMP -Why Acme Credit? 1</H1> <H2>What is the best way in managing your debt? 2</H2> Our expert...
Creditor takes you to court for debt Need help now? Call our Debt Advisors on 0203 318 0990 or...
Debt Management and free debt advice Debt Management Plans and Warnings which client should follow Some DMP providers also...
Debt Management and Free Debt Advice How important it will be for a person that his debts could be...
<H1> Repayment Arrears </H1> Repayment Arrears and Debt Collection If you have been in arrears with your debts...
Debt Worries you, Let debt problems be dealt via a suitable debt solution plan. Acme Credit Consultants Limited is...
All want an excellent credit score so that it can help in gaining credit facility when you want it...
We at Acme Credit Consultants Ltd has now been granted full authorisation from our regulator Financial Conduct Authority. We would to...
Here in Acme we understand that every penny is worth it and feel the pain of our clients...
Effective 01 Sep 2014, We have moved to our new office premises in the heart of Hounslow town. Our...