Bright Oak does not charge for providing debt advice via telephone, web, email, or personal visit.

Bright Oak does not charge clients for assisting with the preparation of cases to be passed to external parties, such as Insolvency Practitioners for IVA’s or Scottish Trust Deeds. In certain circumstances Bright Oak may receive payment from such external parties for the work we have conducted prior to passing them a case.

Where non-standard services are provided (such as for negotiating “full and final settlements” or in-depth assistance with a bankruptcy process) details of any proposed fee will be presented to the client for their approval in advance of any work beginning.

Where Bright Oak provides a Debt Management Plan the details of our charges will be provided in advance of commencement to our client. Typically our charges will include an Initial Fee (at the start of the DMP) and a Monthly Fee (for the remainder of the DMP). 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 either 1 or 2 monthly payments depending on the amount of your monthly payment (1 month if monthly payment is £250 or more, 2 months if monthly payment is less than £250). The Monthly Fee will typically be 17.625% of the monthly payment (subject to a minimum of £25 per month and a maximum of £100 per month). The Monthly Fee covers our ongoing communication with your creditors, communication with you, and the distribution of your creditor payments.

Example: Mr Smith has £10000 of unsecured debts and is able to pay £200 per month into a debt management plan. The first two payments cover the set-up fees and are not distributed to creditors. From the third payment onwards a monthly charge of £35.25 applies for the ongoing administration, negotiation and payment distribution associated with the case. Accordingly £164.75 is being distributed each month to creditors. Assuming interest and charges are promptly frozen (which cannot be guaranteed) the repayment term would be just under 63 months. The total amount of fees charged over this period would be £2550.25. The total payment into the debt management plan would be £12550.25.