Terms & Conditions – IVA Application Service

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Last updated 14th November 2014

The Wilmott Turner Financial Services (Wilmott Turner) IVA Application service is provided to the client in part by Wilmott Turner and in part by a preferred service provider (Insolvency Practitioner).

Note: Before you start an IVA the Insolvency Practitioner will require you to agree to the specific terms and conditions of your IVA. These will usually be the standard IVA Protocol Terms and Conditions and will apply to each client on signing their IVA proposal documentation as prepared by the Insolvency Practitioner.

The contract terms and conditions which apply to the service provided by WTFS can be viewed below:

1. DEFINITIONS

1.1 “The Company” means Wilmott Turner Financial Services Ltd (WTFS) whose registered office is at 74 Willowbrook Road, Southall, Middlesex with all correspondence to be sent to: 116 Springfield Road, Windsor, Berkshire. SL4 3PS.

1.2 “The Client” means the person named on the Wilmott Turner Letter of Engagement.

1.3 “The Creditors” means the creditors of the Client as disclosed to the Company by the client in accordance with clause 5.

1.4 “The Fees” means the fees to he paid to the Company in accordance with clause 6 for the provision of the Services.

1.5 “The Services“ means the services to be provided by the Company to the Client in accordance with clauses 4&5.

1.6 “The IP” means the Insolvency Practitioner who will draft the Client’s IVA Proposal, hold the meeting with creditors and become the Supervisor during the term of the IVA.

2. REGULATION

2.1 The Company is regulated by the Financial Conduct Authority (FCA). The FCA website can be accessed by logging onto www.fca.org.uk

2.2 The Company provides various forms of debt advice to consumers in the UK. Being regulated by the FCA the company is obliged to comply at all times with the Principles for Business (PRIN) as laid down by the FCA (including the obligation to try to treat customers fairly).

2.3 The Company is an Affiliate Member of DEMSA (Debt Managers Standards Association) and as such adheres to the code of conduct as laid down by that body which can be viewed here: DEMSA Code of Conduct.

3. DATA PROTECTION

3.1 The Company will ensure it will at all times comply with the provisions and obligations imposed by the Data Protection Act 1998.

3.2 The Company shall hold and process the Client’s personal data after having taken appropriate technical and organisational measures to guard against unauthorised and unlawful processing of this data and against accidental loss or destruction of or damage to it.

3.3 The Company will in all cases process the Client’s personal data only as authorised by and on instruction from the Client. The personal data may not be transferred in any manner to any person not authorised by the Client.

3.4 The Client’s data may also be disclosed to a recognised auditing/regulatory body as part of periodic audits performed on the Company in order to demonstrate compliance with the relevant regulatory guidance.

4. WHAT WE WILL DO

4.1 The Company will analyse the details of the Client’s income, outgoings, assets and creditors as are provided to the Company in accordance with clause 5.1 and prepare a Statement of Affairs highlighting this information together with a calculation of the Client’s disposable income (the amount that the Client can afford to pay per month into an IVA having taken account of their income, priority debts and reasonable living expenses).

4.2 The disposable income figure estimated by the Company must be approved by appointed Insolvency Practitioner before the IVA proposal is presented to creditors and as such is subject to change.

4.3 The Company will discuss with the Client the merits and drawbacks of the different debt solutions available including an Individual Voluntary Arrangement (IVA) a Debt Management Plan (DMP), a Debt Relief Order (DRO) and Bankruptcy.

4.4 If the Client decides that they want to apply for an IVA then following the return of the Client’s signed Service Agreement the Company will forward their details as collected in clause 5.1 to its preferred IP for review and further action.

4.5 The Company will continue to provide support and advice to the Client after the Client’s details have been passed to the IP and during the IVA application process as required by the Client.

4.6 The Company will not provide substantive legal advice to the Client but will endeavour to provide assistance wherever possible.

4.7 In the event that the Client’s IVA is rejected by the Creditors the Company will work with the Client to provide an alternative solution where required. Fees may be charged for this depending on the solution chosen.

5. DUTIES OF THE CLIENT

5.1 The Client shall provide the Company with full, accurate and honest details as to their personal financial situation including their income, outgoings, assets and creditors.

5.2 The Client will formally instruct the Company to act on their behalf and allow the Company to pass their details to the Company’s preferred IP by signing the Company’s Letter of Engagement.

5.3 The Client will engage with the Company’s preferred IP by signing the IP’s letter of engagement. They will provide the IP with the information and documentation that the IP reasonably requires to confirm the Client’s identity and produce a draft IVA proposal.

5.4 On Instructing the Company the Client will stop all further use of credit cards or other sources of unsecured credit and will endeavour not to incur any further unsecured debts as far as is reasonably possible.

5.5 If the Client contravenes any of the stipulations set out in clause 5 the Company will bear no responsibility for actions taken against the Client by the Creditors.

6. FEES PAYABLE

6.1 The Company will not charge the Client for any of the advice it provides or for any work it undertakes in summarising the Client’s financial details into a Statement of Affairs document or the drafting of their IVA proposal.

6.2 After the Client’s IVA is accepted the IP will then charge fees as detailed in clause 6.3 & 6.4. These fees will not be paid by the Client directly but will be drawn from the normal payments that The Client makes into their IVA.

6.3 The IP will charge a Nominee Fee for drafting the IVA proposal and holding the meeting of creditors. The Nominee Fee will normally be £1000 although this could be more in certain circumstances.

6.4 The IP will charge an annual Supervisor’s Fee for supervising the Client’s IVA. These fees will normally be capped at 15% of the money paid into the IVA after the Nominee Fee and initial costs have been deducted.

6.5 After the Client’s IVA is accepted the IP will pay the Company an amount equivalent to 75% of the agreed Nominee Fee (normally c£750) for its assistance with drafting the Client’s IVA proposal. This cost is paid by the IP and is not an additional cost to the Client.

7. CANCELLATION

7.1 The Client may cancel this agreement with the Company with immediate effect at any time by informing the Company by letter, email or telephone of this intention.

7.2 After the Client has engaged with the Company’s preferred IP they may cancel the agreement with the IP at any time up until their IVA proposal has been accepted by their creditors at the creditors meeting by notifying the IP in writing.

7.3 If the Client cancels the agreement with their IP before their IVA is accepted by their Creditors they will be charged nothing unless previously agreed otherwise with the IP.

7.4 After their IVA is accepted the Client can then only cancel their IVA by failing to make the agreed payments and thus allowing the Arrangement fail.

7.5 If the Client allows their accepted IVA to fail any payments they have already made into the Arrangement will be taken by the Insolvency Practitioner to pay their outstanding fees. Any money remaining will then be distributed between the Client’s creditors.

8 COMPLAINTS

8.1 Complaints about the service or advice that the Client receives from the Company may be made in person, by telephone, by e-mail, or by letter to the Company’s correspondence address: 116, Springfield Road, Windsor, Berkshire. SL4 3PS.

8.2 The Company will acknowledge the complaint by letter within 5 business days. The Company will complete its investigation and resolve the complaint within 8 weeks of receiving the complaint.

8.3 Should the Client not be satisfied with the response they can refer their complaint to the Financial Ombudsman service. A full copy of the Company’s complaints policy can be requested at any time or viewed here: http://www.wilmottturner.com/complaints.htm

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