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IVA Terms & Conditions

Debt Specialists IVA Terms and Conditions

Definition of Terms

 “Business Conditions” means the terms and conditions set out in this document.
“Creditors” all of your creditors whose details you have given us in accordance with these business        conditions.
“Disposable Income” A figure calculated which is an affordable, monthly payment into an IVA, after taking into account monies required for your reasonable living costs.
 “Preparation fee” the agreed amount of money (equal to two times disposable income) you pay to us for the service we provide in preparing your documents, to present to a Licensed Insolvency Practitioner..
 “Services” what we provide you with in accordance with these business conditions.
 “Us” “We” and “Our” Debt Specialists Ltd–registered office, Debt Specialists Ltd, Third Floor, Bridge House, Heap Bridge, Bury, BL9 7HT. Registered number 5809220.
 “You” You the client(s) who is/are named on all official Debt Specialists Limited documentation.

Agreement

  1. Our agreement with you will commence from the time we receive your signed client authority and payment clears into our bank account.
  2. You agree for us,’ Debt Specialists Ltd’ to act on your behalf to provide you with a service of assessing, preparing and  presentation of your IVA case to our preferred Licensed Insolvency Practitioner.

Our bank accounts, fees and your payments.

  1. We will not charge any fee for setting up or supervising an IVA. These are called Nominee’s fees and Supervisor’s fees which are form part of your payment to a Licensed Insolvency Practitioner, who will explain this in greater detail upon acceptance.
  2. We will charge an IVA preparation fee which is equal to twice your agreed, calculated monthly disposable income. This fee is to provide an advisory and administrative service in preparation of your IVA, and can be paid in a single payment or in two payments over a two month period. This payment is also your acceptance to our terms and conditions.
  3. Your creditors will not receive any part of this fee. The appointed Insolvency Practitioner will advise on how and when your creditors will receive payment. 

The service we will provide for you.

  1. We will scrutinise your income and expenditure to produce a financial statement for you, ensuring you retain a suitable amount of money for living costs, and in doing so calculate a monthly affordable payment figure (disposable income) into an IVA.
  2. We will introduce you r case to our preferred Licensed Insolvency Practitioner. Who will contact your creditors to explain your current financial position and put forward your IVA proposal.
  3. We will ask you to send us all up to date relevant information relating to your outstanding debts, and personal circumstances.
  4. We will recommend you seek legal advice should you require it, as we are not able to give legal advice ourselves.
  5. We are not able to provide any form of credit or arrange loans.
  6. If you for any reason do not enter into an IVA, we may recommend an alternative product or refer you and your details to an alternative product provider.

Your responsibility

  1. To tell us about all your credit commitments, secured and unsecured, and co-operate by providing us with true and accurate information and documents for us to assess your IVA application.
  2. To provide us with sufficient information regarding your personal and family circumstances.
  3. Not to obtain any further credit without first contacting the Insolvency Practitioner.
  4. You must provide us with all details of your income, expenditure and credit commitments as required and continue to do so when necessary.
  5. Not to ignore your creditors, and not to enter into any direct negotiations with them before notifying us first.
  6. Continue to make payments to your priority creditors, such as mortgage, rent, utility bills court fines etc.
  7. That you have made at least 3 months payments to each of your creditors, unless you have goods on buy now pay later, in which case these goods must have been in your possession for over three months.

How you may cancel this agreement with us.

  1. You may cancel the agreement without any liability to us by giving us written notice within seven working days (cooling off period) from the time you receive these business conditions.
  2. We shall return any payment in full if a written request is received within seven working days as stated above.
  3. You may cancel this agreement anytime after the 7 working day “cooling off” period by request in writing. However your fees paid to Debt Specialists Limited for advising on and preparing your IVA case may not be refunded if the file has already been presented to a Licensed Insolvency Practitioner. At which point, our duties under this agreement will be deemed to have been completed.
  4. Debt Specialists Limited cannot be held responsible for any agreements or transactions between you and any preferred Licensed Insolvency Practitioner.

When we may terminate our arrangement with you

  1. Should you fail to pay your fees due to us.
  2. Should you breach any of the terms in these terms and conditions.

Cancellation of agreement by you or us

  1. Once the agreement ends our duties and obligations under this agreement are terminated.
  2. It is your responsibility to cancel any standing order to us.
  3. This agreement will end immediately upon acceptance of your case, by a Licensed Insolvency Practitioner. 

Complaints

  1. If at any time you become unhappy or dissatisfied with our products or services, you may view our complaints procedures at our website: http://www.debt-specialists.co.uk/complaints.htm

Data protection and how the information about you will be used

  1. Please refer to our Privacy Notice on our website at:

www.debt-specialists.co.uk/privacy.htm

Alternatively we can send you a printed version or email a copy to you upon request.