In line with our ethical policy we want to be open and transparent about our fees.

Should a First Friendly Money Management Plan be a suitable solution for you, our Initial Set up Fee will never be more than the first month’s Gross Disposable Income. The Initial Set up Fee is the cost associated with setting up the plan for you.

Example for illustration purposes only

After calculating your Income and Expenditure using guidelines set by the Money Advice Trust we find the monthly payment you can afford to pay your creditors is £150.00 then this is classed as your Initial Set up Fee.

We would require an additional token payment being made to your creditors so that you never go a full month without making a payment.  This means your creditors get paid immeditaley and are more likely to accept First Friendly’s offer of payments thereby decreasing the level of pressure they are placing you under. It is important you understand that this can never be guaranteed. Your advisor will be happy to discuss this in more detail.

Our Monthly Management Fee is currently 15%  or a minimum of £20.00 which ever is the greater. This means that we would charge you an additional £22.50 (15% of £150.00) for managing the plan each month on your behalf. The balance (£127.50) would be proportionately paid to your creditors.

Subsequent payments made to your creditors will be set up by Standing Order and will remain in place for the duration of the plan. A regular assessment will be held with your dedicated Personal Money Manager.

We understand the importance of ensuring your debts are paid off as quickly as possible but at the same time ensure we help to maintain your standard of living.

First Friendly is currently one of the lowest fee charging companies in the UK and we will continue to assess our charging structure in line with treating customers fairly.