If one of our clients decides an Individual Voluntary Arrangement (IVA) is right for them and they want the help of WTFS to implement this, WTFS will receive the following payment:
WTFS works with third party Insolvency Practitioner (IP)s. Once WTFS has completed a statement of affairs on our client’s behalf, this file will be forwarded to one of our IP partners so that they can begin the task of proposing an IVA.
Once the client’s IVA is accepted at creditor meeting, WFTS is then paid a fee by the Insolvency Practitioner for our assistance with drafting the Statement of Affairs and IVA proposal. The fee is equivalent to 75% of the agreed IVA Nominee Fee which normally equates to £750. This cost is paid by the partner company and is not payable as extra by the client.
Note: No client working with WTFS to implement an IVA will be charged a fee until their IVA is accepted by creditors. However in some cases clients may be required to lodge a bankruptcy deposit with the Insolvency Practitioner if one of their creditors is HMRC or pay for an interim order if this is appropriate.
A list of the third party IPs we work with is available in request.
Client’s right to Cancel
If the client engages with the Insolvency practitioner (IP) introduced to them by Wilmott Turner Financial Services they may cancel their agreement with the IP at any time up until their IVA proposal has been accepted by their creditors at the Creditors Meeting by notifying them in writing.
Fees payable on cancellation
If the client chooses to cancel before their IVA is accepted at the Creditors Meeting they will be charged nothing unless this has been specifically agreed between them and the Insolvency practitioner.
Note: After their IVA is accepted they will only be able to cancel their agreement by failing to make their agreed payments and thus allowing their IVA fail. If they do this then it is possible that any payments they have already made into their IVA will be taken by the Insolvency Practitioner to pay towards their Nominee Fee and none of the money paid will be paid towards their outstanding debts or returned to them.