Please click here to watch Melanie Giles Introduction video.
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Testimonials: |
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we met Melanie face to face and realised instantly that we were in safe hands
Laura C, London |
The service I received was excellent, thanks so much
Gemma K, Brighton |
I would recommend Melanie Giles to anyone
Darren C, Bristol |
“I found Melanie to be a very thorough and detailed professional…”
Graham B, Midlands |
MelanieGiles.com
is recommended by
IVA.co.uk
See MelanieGiles.com postings on the
IVA Forum |
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What are the costs of proposing an IVA?
The costs of proposing and administering an IVA have to be agreed by you and
your creditors. These costs are usually drawn down from the monies you pay into
the IVA, and it would be unusual for you to be asked to pay anything prior to
your IVA proposal being finalised.
There are two fees which are chargeable during the presentation and management of an IVA:
Nominee's Fee
This is agreed by you prior to the presentation of your proposals, but can often be later amended by creditors. For this fee we will:-
Provide you with advice regarding the range of solutions available to you
Gather up all of the documents we need to confirm your financial position
Liaise directly with your creditors with regard to your repayment proposals
Assist you with opening a new bank account should this be required
Prepare your IVA proposals and present these to creditors
Convene and chair your creditors meeting
Our nominee's fees at melaniegiles.com generally range from £750 to £2,500 and average at around £1,600 plus VAT.
Once your IVA has been accepted, our role then changes from Nominee to Supervisor.
Supervisor's Fee
Depending upon the nature of your case, and the amount of work we deem is necessary on an ongoing basis, we will either charge our fees on a fixed annual sum, or as a percentage of realisations or sums distributed usually at 15% plus VAT. In reality, it is most likely that your creditors will actually set the level of fees they feel are reasonable for each case. For this fee we will:-
Collect your contributions into a unique bank account held in your name
Agree all creditor claims
Distribute the monies held to creditors usually at quarterly intervals
Assist you with ongoing wage reviews
Review your circumstances at least once per year, and more often if you run into difficulties
Assist you in presenting any variation proposals to creditors
Conclude your case at the end of its terms and issue you with a Completion Certificate
At melaniegiles.com, our supervisory fees generally range from £360 to £1,000 per annum and these are drawn from the monies you introduce into the IVA with the agreement of your creditors.
Protected Trust Deed Fees
The IVA Advice Company Limited refers protected trust deed cases to Philip Gill & Co (Scotland) Ltd. This is a company connected to us by common ownership.
Philip Gill & Co (Scotland) Ltd will charge a fee for setting up and administering your trust deed. This work includes (but is not restricted to): an initial meeting with a client or clients, post-meeting review and confirmation of options, preparation of trust deed document for signing, signing meeting, data input of details, advertising the trust deed, circularisation of correspondence to creditors, continuing correspondence with creditors and client as required, receiving and adjudicating creditor claims, review and realisation of assets where required, current status updates, statutory reporting to creditors and the Accountant in Bankruptcy, pursuing claims as required, preparing and distributing dividend payments to creditors, obtaining both the client's and the Trustee's discharge from the Trust Deed.
The fees charged by Philip Gill & Co (Scotland) Ltd will depend on your individual circumstances. They will be paid before any money is available to repay your creditors. Their fees (net of VAT and outlays) normally range between £2500 and £4500.
Debt Management Fees
Melaniegiles.com refers debt management cases to Vincent Bond & Co Limited. Where a visitor to melaniegiles.com chooses to proceed with a debt management plan provided by Vincent Bond & Co limited, no referral fees are paid by Vincent Bond & Co Limited to melaniegiles.com.
Where Vincent Bond & Co Limited provides a debt management plan the details of their charges will be provided to the client in advance of their commencement with the plan. Typically the charges will include an Initial Fee (at the start of the DMP) and a Monthly Fee (for the remainder of the DMP). The Initial Fee covers services including compiling financial and background statements, providing repayment proposals to creditors, responding to creditor contact by telephone and in writing, and attempting to negotiate arrangements with your creditors on your behalf. The Initial Fee will typically be either one or two monthly payments depending upon the amount of your monthly payment (one month where monthly payment is £250 or more, two months where the payment is less than £250 per month). The Monthly Fee will typically be 18% of the monthly payment (subject to a minimum of £25 per month and a maximum of £100 per month). The Monthly fee covers ongoing communication with creditors and the client and the distribution to creditors of payments.
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