Our Fee Promise
We believe our approach to personal insolvency practitioner fees is the most ethical because we do not think it is right to ask people who are already under financial stress to pay fees when the outcome for a debt solution is unknown at the start of the process.
This approach is unique in the industry and means you can be certain we are highly incentivised to get a result for you.
How It Works
We will help and support you in every way we can but if an acceptable solution is not found for you then we don’t get paid, no matter how much work we have done on your behalf.
If a debt arrangement is approved, then our fees are taken from the monies set aside for your creditors.
In this way you are never asked to pay us fees directly.
This is your guarantee that we have the strongest incentive to get you a satisfactory debt solution because otherwise we do not get paid for our work.
How Much are Personal Insolvency Practitioner Fees?
Personal Insolvency Practitioner Fees are a variable amount charged by Personal Insolvency Practitioners depending on the complexity of an individual´s personal debt solution, the time it takes to reach agreement with the individual´s creditors and any sundry costs which are involved. These fees are taken from the monies set aside for payment of your creditors and are typically negotiated with your debtors based on agreed scales.
Why do some PIPs charge a non-refundable upfront fee?
Because of the resources that PIPs devote to organising an individual´s personal debt solution, some finance professionals request a non-refundable fee upfront.
This is understandable since they may be small financial firms without the scale or experience of GT Debt Solutions. They need to charge for their time regardless of the outcome or they would soon go out of business.
We are happy to inform readers that GT Debt Solutions never charge upfront Personal Insolvency Practitioner fees to those that come to us for help, and we will always provide friendly and impartial advice free of charge and without obligation on you to use any of our services.
How Do We Get Paid?
When a personal debt solution has been approved, the usual procedure is for you to pay a pre-arranged amount of money each month or as in over 30% of our debt solutions, a one off lump sum.
That pre-arranged amount of money is paid by direct debit each month into a designated protected client account controlled by the PIP, which is then distributed among the creditors you owe money to.
Our Personal Insolvency Practitioner fees are invoiced to and taken from this account following agreement/approval with creditors.
Our fees are determined wholly by creditors. There are no additional costs following approval.
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