Terms and Conditions
The Debt Calculator
(1) Any liability in negligence, contract or otherwise arising from any party taking or refraining from taking any action on the basis of the contents of this website is hereby excluded.
(2) Any emails and any files transmitted with them are confidential and intended for the intended recipient(s).
(3) If you are not the intended recipient you may not copy, distribute or act on the email. If you have received the email in error please notify the sender and then delete the email and any attachments.
(4) The Debt Report provides general advice in relation to debt matters bases solely on the information you have provided.
If you are considering entering into an arrangement with creditors, entering into bankruptcy or refinancing, it is essential that you discuss the whole of your circumstances with us as this may affect the advice we give you.
My Financial Solutions accept no liability for any reliance placed on the results provided by the Debt Report or the contents of the Debt Report or My Financial Solutions website. Should you choose to rely on the information provided without seeking further advice from us, this is done so entirely at your own risk.
Call 0800 088 7502 to speak with an experienced debt adviser now.
General disclaimers and terms
This website is intended for the information of residents of the United Kingdom ("UK").
The illustrations and information presented is produced for the general information of visitors to this web site and does not constitute professional advice. Although we endeavour to ensure that the content is accurate and up to date, users should contact us before taking any specific action based on the information shown on this site. No responsibility can be accepted for any use made of the illustrations or information presented on this site.
We accept no liability or responsibility whatsoever for any loss or damage suffered by any user of the information contained in this website or the material downloaded from it, or from any material contained on any third party websites linked to our website, or from any internet software used in connection with our website, computer viruses or other destructive programs encountered as a result of using our website.
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"My Financial Solutions" is a registered trade mark of My Financial Solutions Limited and the contents of this website are the copyright of My Financial Solutions Limited. Reproduction of the contents is only permitted in accordance with the following terms:
You may view the site and download any part(s) of it to a personal computer for private viewing for private purposes. You may not (a) store it (or any part of it) other than for the purposes set out in this paragraph, (b) print out copies except for your own personal viewing for private purposes, or (c) reproduce, copy or transmit it (or any part of it) in any other way for any purpose or in any other medium, without our prior written permission. You may not alter the content in any way.
As a user of this website, certain pages may provide free file downloads. My Financial Solutions allows you to access files that we believe may be of use to you.
This facility is provided as is, and we cannot be held responsible for any losses, whether direct or indirect, from the use of this facility. Files that are made accessible are not encrypted.
We reserve the right to remove or update these documents at any time. It is your responsibility to ensure that you have adequate protection against malicious code on any computer that you use to download such files, including but not limited to anti-virus software and a reputable firewall.
Links to third party sites are provided for information only and we take no responsibility for material found on them and we accept no responsibility for such sites or for any loss or damage that may arise from your use of them. Please obtain our permission before linking to our site by sending an email to email@example.com
Data Protection Policy (Privacy and Data Protection
My Financial Solutions is committed to protecting your privacy on-line and ensuring that all personal data is collected and stored in accordance with the Data Protection Act 1998.
We have taken relevant security measures to protect any personal data received from loss, misuse and alterations of customer data under our control. While we cannot guarantee that loss, misuse or alterations of data will not occur, we use our best efforts to prevent this.
When requesting information, you may be asked for your email address, and/or your name and postal address in order to send this information to you. We will not pass your details to any third parties unless it is in relation to the services you have requested we carry out on your behalf. We may pass your details to another group company in connection with any services you have requested we carry out on your behalf.
Should you wish to discuss our privacy and data protection policy or to unsubscribe please e-mail firstname.lastname@example.org
An IVA is a legally binding agreement with your unsecured creditors and by law requires an Insolvency Practitioner ("e;IP"e;).
The IP assigned to your case will be a heavily regulated and highly qualified professional, experienced to handle insolvency cases.
In an IVA, the Insolvency Practitioner assigned to your case will act as both your Nominee and Supervisor, and draw a fee for acting as both Nominee and Supervisor. The payment of the Nominee's and Supervisor's fees and expenses will be detailed in the IVA proposal. These fees may be calculated as a percentage of contributions paid by you, or as a fixed fee or on a time cost basis. It will be for the creditors to decide the basis and amount of such fees.
Fees will be payable from the monthly contributions that you make.
Fees are not paid in addition to the contributions you make. In effect creditors take the burden of the fees as they come from the contributions you make towards your debts.
This is a fixed fee to cover the set up costs of the IVA and assistance with the preparation of the proposals. My Financial Solutions will receive part of this fee in relation to the work done preparing your case:
- Preparation of IVA proposal. (More than or equal to 75% of those who vote for the IVA go through to be approved).
- Convening and holding the creditors meeting.
The Supervisor's fees will cover the ongoing supervision and maintenance of your IVA for the agreed term (usually 5 years). Your IP along with suitably qualified members of their staff will undertake some or all of the following;
- Regular reviews of your IVA.
- Preparing and sending statutory reports to your unsecured creditors.
- Agreeing the level of your unsecured debts.
- Making payments (paying dividends) to your creditors in accordance with the terms of your agreed IVA proposal.
- Liaising with your unsecured creditors.
- Liaising with you whenever you have any questions.
- Re-assessing your circumstances if they change during the term of the IVA, and reporting this to creditors where necessary.
- Annually assessing your income and expenditure.
- Generally ensuring that the IVA runs satisfactorily for you and for your unsecured creditors.
- After the Nominee's fee has been paid, a percentage of each monthly payment will be taken as supervisor's fees, as detailed in your IVA proposal.
Please Note: It is essential that you keep up with your agreed monthly payments into your IVA. If at any point during the term of your IVA you feel you can no longer afford the payments agreed, you must contact My Financial Solutions, your IP or their staff to discuss.
Contacting us to discuss any payment difficulties you are experiencing or changes in circumstances is essential, IVAs do provide an element of flexibility, you may be allowed to payment break if you come up against unexpected costs (such as essential home repairs), or the IP may be able to request that creditors agree to amended terms that suit your change of circumstances.
If you fail to keep up with your agreed payments and fail to contact your IP to discuss, your IVA may fail, leaving you liable for payment of your unsecured debts at their original contractual payment level and in some cases liable for the payment of the IVA fees in addition.
Protected Trust Deed Fees and Outlays (Scottish Residents only)
A Protected Trust Deed is a legally binding agreement with your unsecured creditors and by law requires an Insolvency Practitioner ("e;IP"e;).
The IP assigned to your case will be a heavily regulated and highly qualified professional, experienced to handle insolvency cases.
All fees and outlays incurred during the administration of your Trust Deed are met from the realisations made from your income contributions and/or assets. You do not have to pay additional fees or charges.
The Trustee will make an appropriate charge for the time spent administering your case. In a typical Trust Deed lasting three years with an income contribution and no assets this will amount to approximately £5,000 plus VAT and My Financial Solutions will receive part of this fee in relation to the work done in preparing your case.
The estimated total fee will be advised to creditors in the Trust Deed proposal. The actual fee will be drawn by your Trustee on each anniversary of the Trust Deed (funds permitting) and is subject to approval by you and your creditors. If you or your creditors are unhappy with the level of the fee then you are able to request an audit of the fee by the Accountant in Bankruptcy (the government agency who supervises Trust Deeds in Scotland). The Accountant in Bankruptcy will then complete their audit and charge a statutory fee of 5% of any fees and outlays fixed for auditing such accounts, thereby reducing the funds available for distribution to creditors.
The fee is based on the following work being required to setup your Trust Deed and administer it through to its conclusion. Your Trustee along with suitably qualified members of his/her staff will undertake these tasks (this list is not exhaustive);
- The required number of meetings (at your home, our office or another suitable place) to give you "e;best"e; advice prior to you deciding a Trust Deed is the appropriate debt solution for you.
- Preparation of the Trust Deed proposal.
- Complete the necessary work to have your Trust Deed registered as "e;protected"e;.
- Liaising with you, your creditors, the Accountant in Bankruptcy and any other third parties relevant to your case e.g. property surveyors, secured creditors etc.
- Monitor payment of your monthly income contributions.
- Realise any assets with a value to your Estate.
- Re-assessing your circumstances if they change during the term of the Trust Deed and reporting this to creditors where necessary.
- Conduct an annual review of your income & expenditure.
- Send an annual report to your creditors updating them on the progress of your Trust Deed.
- Adjudicate on creditors' claims.
- Pay a dividend(s) to your creditors.
- Generally ensuring that the Trust Deed performs satisfactorily for you and for your unsecured creditors.
- Complete the necessary work to grant both your discharge and the Trustee's discharge from the Trust Deed.
Trust Deed outlays:
Every Trust Deed also has the following outlays to pay:
- Edinburgh Gazette notice - £47 plus VAT
- Registers of Scotland - £30
- Bordereau insurance - £54 plus VAT (may vary dependent on value of realisable assets, assuming no more than £25,000)
- Accountant in Bankruptcy registration fee - £36
- Accountant in Bankruptcy supervision fee - £250
Please note. It is essential that you maintain your agreed monthly contributions into your Trust Deed. If at any point during the term of your Trust Deed you feel you can no longer afford the payments agreed, you must contact My Financial Solutions, your Trustee or their staff to discuss.
Contacting My Financial Solutions, your your Trustee or their staff to discuss any payment difficulties you are experiencing or changes in circumstances is essential, Trust Deeds do provide an element of flexibility, you may be allowed to have a payment break if you come up against unexpected costs (such as essential home repairs) or your Trustee may be able to review and amend your contribution to suit your changed circumstances.
If you fail to keep up with your agreed contributions and fail to contact your Trustee to discuss, your Trust Deed may fail, leaving you liable for payment of your unsecured debts at their original contractual payment level and in some cases you may be sequestrated (made bankrupt) by your Trustee for failing to comply with the terms of your Trust Deed.
Debt Management Fees
My Financial Solutions do not provide 'in house' Debt Management Plans. (DMPs)
However, we have secured excellent and 'preferential' Debt Management Plan rates for all our referred clients from each member of our trusted panel of Insolvency Practices.
Full details of the fees you will be expected to pay using a Debt Management Plan (DMP) provided by one of our trusted panel of Insolvency Practices will be explained by your particular DMP provider, but for the sake of transparency, it should be understood that My Financial Solutions will receive a proportion of fees paid by you to the DMP provider of an amount no greater than your first monthly payment.
Here at My Financial Solutions we are committed to providing a high quality, fast, flexible and friendly service. We understand that on occasion you may feel that we haven't met the high standards to which we aspire and therefore have put the following procedure in place:
I. All complaints should be addressed in writing to the Managing Director who can be contacted by post at My Financial Solutions Ltd, Trafford House, Southmoor Road, Manchester, M23 9XD.
II. The Managing Director will write to you within 5 working days to acknowledge receipt of your compliant.
III. The board will consider details of the complaint and the Managing Director will inform you in writing of the action we have taken and the reasons for this within 4 weeks of receipt of your complaint.
IV. In practice the majority of complaints should be resolved at this stage but you do however have further steps, which you can take if you are dissatisfied with our response.
V. If following receipt of our final response you feel that we haven't addressed your complaint in a positive and satisfactory manner then you can refer the matter to the Financial Ombudsman Service.
Consumer helpline :
E-mail address :
0845 080 1800
The Financial Ombudsman Service,
South Quay Plaza,
183, Marsh Wall,
VI. We keep a record of each and every complaint that is brought to our attention. You are entitled to request a copy of our records, which are kept for a period of six years.