Terms and conditions
Please read the following terms and conditions. The information should be reviewed carefully. By using any of the services offered by WB Debtcare, you are deemed to have acknowledged and accepted these terms.
- WB Debtcare is a trading arm of Wylie & Bisset LLP.
- The debt solution services offered by WB Debtcare are only available to Scottish residents.
- Any debt solution will be subject to acceptance and eligibility.
- Our debt advice is free. Our services are provided in return for payment and are profit-seeking.
- You can obtain free advice from the Money Advice Service.
- Your chosen debt solution may have an adverse effect on your credit rating and you may find it difficult to obtain credit in the future.
- Your level of contribution is based on your level of disposable income and applied using the Common Financial Statement published by the Money Advice Trust.
- Any formal debt solution is recorded on a public register.
- Any owned property may be put at risk by entering into a formal statutory debt relief solution. Our staff members will ensure that all assets are discussed during a consultation in order for you to make an informed decision.
- Fees will be applied for the administration of your debt payment programme. You will not be responsible for paying these. They will be deducted from the payments you make before your creditors are paid. The DAS Administrator fee is 2% and fees for the others involved in the programme is 20% of the sum due to be paid to your creditors. Therefore, if you complete the debt payment programme you will have paid your debt in full with your creditors receiving 78% of what they were owed.
- Your trustee will expect to be paid a fixed administration fee and an additional fee based on a percentage of funds collected during the trust deed, for the work done in administering your trust deed. Once the trustee’s fixed fee has been set it may only be increased with the consent of creditors or and then by the Accountant in Bankruptcy. Your trustee will be paid before any money is available to repay your creditors. Typically these are £2,500 fixed fee together with 20% of contributions/asset realisations.
- The costs of administering your bankruptcy will be met from funds accumulated from the sale of your assets and from contributions that you made from your income. These include the fees and costs of the trustee and will be paid before any payments are made to your creditors. The fees are charged on a time on-line basis and will be audited by the Accountant in Bankruptcy and approved by creditors.
- Your initial consultation with us before committing is free of charge.
Your debt and creditors
- Under a DPP, you pay your agreed level of contribution to a Payment Distributor who will pay your creditors on a monthly basis.
- Under a Trust Deed, creditors will receive a payment at month 24 and at 6 monthly intervals should the funds collected be enough to make a payment of at least 5p in the £, after all fees and expenses have been taken into account. Otherwise, they are paid at the end of the Trust Deed period.
- Your creditors may receive a dividend if you enter into sequestration.