Fees & Disclosures

Jubilee2000uk.org is operated on a commercial basis by Spherica Ltd. The site is owned by Spherica Ltd. We do not charge enquirers for initial advice provided via telephone or email. Our qualified debt advisers assist enquirers to identify solutions to resolve personal debt problems.

Trust Deeds (Scotland)

When requested by a site visitor or enquirer, referral may be made to a recommended insolvency practitioner partner firm.

Our recommended Trust Deeds partner is (). A commercial relationship exists between our companies.

The Trustee 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 will depend on your individual circumstances. Your Trustee will be paid before any money is available to repay your creditors.

Sequestration (Scotland)

When requested by a site visitor, referral for sequestration services may be made to a recommended insolvency practitioner firm.

Our recommended Sequestration partner is (). A commercial relationship exists between our companies.

The Trustee will charge fees for handling a sequestration. This work may include (but is not restricted to): an initial meeting with a client or clients, post-meeting review and confirmation of options, preparation of sequestration documentation, receiving and adjudicating creditor claims, review and realisation of assets where required, statutory reporting to creditors and the Accountant in Bankruptcy, pursuing claims as required, preparing and distributing dividend payments to creditors.

The fees charged will depend on your individual circumstances. Your Trustee will be paid before any money is available to repay your creditors.

Debt Arrangement Scheme (Scotland)

When requested by a site visitor, referral for Debt Arrangement Scheme services may be made to an appropriately approved firm.

Our recommended DAS partner is (). A commercial relationship exists between our companies.

They will charge an initial fee equivalent to your first two monthly payments into your DAS. Thereafter a monthly charge will apply that is equivalent to 10% of the monthly DAS payment (subject to a minimum of £25 and a maximum of £35).

The exact fee charged may depend upon your circumstances and you should confirm this in writing before committing to going ahead.

The work performed includes (but is not restricted to): an initial meeting with a client or clients, post-meeting review and confirmation of options, communicating with creditors, communicating with the payment distributor, and conducting annual reviews.

We advise that it is possible to set up a DAS scheme without paying fees via certain Money Advisers. Contact your local Citizens Advice Bureau or local authority Money Advice Team for further information if you’d like to investigate this option.

Debt Management Plans (UK)

Spherica Ltd (the operator of Jubilee2000uk.org) is connected by common ownership to () a commercial provider of debt management plans.

Our recommended DMP partner is (). A commercial relationship exists between our companies.

We advise that the Debt Arrangement Scheme may be a more beneficial solution for many Scottish residents than a debt management plan. We also advise that free-to-client debt management plan options are available via debt charities.

Where a visitor to this site chooses to proceed with a debt management plan provided by (), a referral fee may be paid by () to Spherica Ltd.

Where () 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 (a set-up fee spread over the first six months of the DMP) and a Monthly Fee (charged for the continued management of the case). 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 equivalent to one monthly payment, though in some circumstances it will be less. The Monthly Fee will typically be 17.625% of the monthly payment (subject to a minimum of £35 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.

IVA (England, Wales, Northern Ireland)

When requested by a site visitor, referral for IVA services may be made to a recommended insolvency practitioner firm.

Our recommended IVA partner is (). A commercial relationship exists between our companies.

An insolvency practitioner will charge fees for its role as the nominee and supervisor of an IVA. A separate fee is payable for the Insolvency practitioner’s work in each of these roles. The insolvency practitioner will also charge you for various additional expenses (disbursements).

The nominee fee is a fixed fee and covers the Insolvency Practitioner’s work in setting up your proposal to your creditors. This work includes: holding an initial client meeting (by telephone or in person), fact-finding, providing general advice, preparation of a statement of affairs, ingathering supporting documentation, preparing an IVA proposal, presenting the IVA proposal to creditors and holding the meeting of creditors.

The nominee fee charged by () is likely to be in the range of £750 to £2500 depending upon your circumstances. They will be paid the nominee fee out of the first payments you make into the IVA and these will not be paid to your creditors. This means your accounts will go into arrears (or further into arrears).

The supervisor’s fee covers work including collecting contributions, agreeing creditor claims, making quarterly distributions to creditors, annual reporting to creditors, dealing with correspondence and queries from creditors and the client, closure of the IVA and making the final dividend payment to creditors.

The calculation of the supervisor’s costs and fees will depend upon the proposal and is therefore subject to your individual circumstances. The supervisor fee charged is likely to be 15% of your monthly contributions.

It is up to you to fix the basis of the supervisory fees as this will form part of your proposal to creditors. Creditors representing 75 per cent of the debt included in the proposal must approve the proposal, including the fees, before it can be accepted. The level of the supervisor’s fees will also affect the return to your creditors under the arrangement and will therefore affect their decision to accept your proposal.

Warning if your IVA fails: As a significant amount of your payments into an IVA are taken first to meet your insolvency practitioner’s fees, if your IVA fails you will remain liable for the balance of your debt and any insolvency practitioner fees and costs already incurred.

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