Terms and Conditions effective 09 Nov 2017


The agreement between you and us is made in accordance with the following terms.

Definition of terms

“We” or, “Us” means ACME Credit Consultants Ltd.

“You” means the person or people whose names are listed on the authorisation form.

“Creditors” means all the organisations or people, or both, you have told us you owe money to and who are named in your

ACME Pay Plan.

“ACME Pay Plan” means the plan of repayment agreed by you and prepared by us by which you are able to repay your Creditors.

“Disposable Income” means the amount of money you have available to repay to your Creditors each month having taken into account your income, your reasonable living expenses and any other necessary financial commitments.

“Fee” means the fee you pay to us under this agreement as defined in clause 6.

“Period” means the period until you have repaid all of your Creditors in full, through us, using the ACME Pay Plan.

“Cleared Funds” means:

  1. Any cash, postal order or banker’s draft received by us from you.
  2. Any cheque received and banked by us, only if we have not received notice from our bank after 15 days that the cheque has been returned unpaid.
  • Any monies received by us via electronic transfer from your bank e.g., standing order payments.

“Bank Account” means. The account number in the name of ACME Credit Consultants Ltd., as would be provided to you at the time of your registration or at any point thereafter during your tenure with us and which we hereby declare we have no beneficial interest in any funds held. The Bank Account is a non-interest-bearing account established solely for the purpose of receiving Cleared Funds for payments to your Creditors, including Fees payable to ACME Credit Consultants Ltd.


We have agreed to provide you with a Debt Management Programme as requested by you, with additional incidental and administrative services as described within below Terms.

What we will do

  1. Receive payments from you, in the Bank Account, as described in the ACME Pay Plan.
  2. Issue payments to your Creditors on your behalf, in accordance with your instructions, as set out in the ACME Pay Plan, and issue payment to ACME Credit Consultants Ltd. to the extent of the Fees.
  • We will issue all payments promptly and usually within five working days of receiving Cleared Funds from you, subject to Credit agreements.
  1. If for any reason we have not made any payment to your Creditors within five working days of receiving Cleared Funds, we will take all reasonable steps to contact you and let you know the reasons for the delay.
  2. When you make a payment into the Bank Account we will understand that it is an instruction to pay all your Creditors mentioned in the ACME Pay Plan so that we can issue payments to your Creditors, we will let them know of your financial situation and our involvement. We will then negotiate revised repayment arrangements with your Creditors for the debts you owe as described in the ACME Pay Plan. We will ensure that the payments to be issued, with our Fees, do not go over your monthly disposable income as shown in

Acme Pay Plan.

  1. We will request your Creditors to reduce or freeze any interest charges and that they suspend or withdraw any enforcement proceedings which are related to your debts with them.
  2. We will regularly review your financial situation. If your circumstances or any other relevant details change during the period, we will consult with you and make the necessary changes to your ACME Pay Plan.
  • We will send you a report each time we issue a payment, on your behalf, to your Creditors.

What we cannot do

  1. We cannot provide any credit facilities or lend you any money.
  2. We cannot issue payment to your Creditors without your instructions and without having received Cleared Funds from you.
  • There may be an occasion where we are unable to distribute your DI payments within 5 working days for receipt of cleared funds, these are likely to be where you have not paid full amount due. We must warn you making part payments or missing payments which prevent us from making payments to your creditors could result in your plan with creditors breaking and creditors may charge penalties or interest. It is therefore important that your payment arrives on the scheduled dates.
  1. We cannot provide legal advice.
  2. We cannot issue reduced payments to any of your secured loans.
  3. We cannot issue reduced payments to any of your normal utility bills (example: gas, water, electricity etc.) and for current ‑ year council tax, except towards arrears.

What you will do

  1. You will make prompt and full payments, each month, to the credit of the Bank Account, as described in your ACME Pay Plan.
  2. Unless otherwise agreed, you will not make any payment to your Creditors directly.
  • You will continue making payments to us as described in your ACME Pay Plan until you have repaid all your Creditors in full by using our services.
  1. You instruct us to use all payment we receive from you to pay all your Creditors mentioned in your ACME Pay Plan and pay to ACME Credit Consultants Ltd. any Fees due.
  2. You must give us any information we ask for relating to your finances. These will include, but not be limited to:
    1. Full details of your income and expenses.
    2. Your dependants.
    3. Your Creditors and all agreements you have taken out with them.
    4. Any mortgage or secured loans you may have.
    5. Any judgments made against you.
  3. You authorise us to contact all your Creditors on your behalf.
  • You will sign all necessary forms and or documents so that we may carry out our obligation under this agreement.
  • You will provide us with copies of all correspondence you receive from your Creditors.
  1. You will let us know about any dealings you may have with your Creditors, whether we are in contact with them on your behalf or not.
  2. You will not correspond directly with any of your Creditors.
  3. After agreeing to the Pay Plan you will not spend any money over and above your reasonable living expenses as described in your ACME Pay Plan.
  • You will not apply for any credit from any source. m. You will not seek to enter into an Individual Voluntary Arrangement or any other arrangement, which would have a direct bearing on your Creditors or your ACME Pay Plan.
  • You will not make use of any existing credit facility, including any credit or charge cards.
  • You have confirmed that none of the debts mentioned in your ACME Pay Plan are secured against any property.
  1. You agree to consult with us whenever we require to review or make any changes to your ACME Pay Plan.
  • You will agree to any changes to your ACME Pay Plan unless you think that it is unreasonable for you to do so. If so, you will tell us why it is unreasonable.


How you will pay us (Our management fee Explained)

Our initial setup fees will be charged as below;

  1. if your monthly disposable income is less than £125 then our initial setup fees will be three months of your disposal income (payable in six equal monthly instalments).
  2. If your monthly disposable income is more than £125 then our initial setup fees will £250 plus your one-month disposable income (payable in a minimum six equal monthly instalments). We do not charge any additional management fees during the first six months of your pay plan term, our management fees becomes payable from the seventh month onwards as per clause III.
  • Unless otherwise agreed, our standard fee payable from 7th month onward will be 20% of your monthly payment or £40 whichever is higher (subject to maximum £100 fees cap) for managing up to 08 creditors on your file, 22% of your monthly payment or £45.00 whichever is higher (subject to maximum £100 fees cap) for managing from 9 to15 creditors. From 16 to 20 creditors, our fees will £70 or 22% of your monthly payment(subject to maximum £100 fees cap).  Above 21 Creditors our fee will be flat £100 of your monthly payment. You authorise us to recover our management fee from the client bank account prior to issuing payments to your Creditors mentioned in the ACME Pay Plan.
  1. You do not pay us management fees upfront.
  2. We will send payments to all your lenders from month one onwards, which will always be 50 percent or more of your total monthly payment to us during the whole term of the plan.

About your money and the Bank Account

Acme Credit Consultants Ltd will ensure that when payments are received from clients into the client money bank account, they are distributed to creditors as soon as possible but no more than five (5) business days from the date of receipt. The circumstances where distribution may not happen according to the timelines specified are as follows:

  1. Where the contract between the client and the Acme Credit Consultants Ltd expressly provides that client money might be held for more than five business days without being distributed to creditors;
  2. Where the existence of such a term expressly providing that client money might be held for more than five business days without being distributed to creditors has been separately brought to the attention of the client prior to his entering into the contract; and
  • Acme Credit Consultants Ltd has explained to the client the risks and implications, if any, of payment to creditors being delayed prior to the entry into the contract.
  1. Where we propose not to distribute client’s money to their creditors within the five (5) business days limit, we will, within the five (5) business days, inform the client’s creditors of the receipt, the fact that we will not be distributing that client’s resources to them within the five-business-day period, and perform reconciliations in line with CASS 11.11.
  2. There may be circumstances where we are unable to distribute client money to creditors within the timelines specified. This may happen because of an extended IT failure of the CRM system or bank portals, Force Majeure, or other ‘Black Swan’ event. If this were to happen, we will:
  3. Inform the client of the delay and the reason for the delay;
  • Inform the client of the risks and implications of the late payments;
  • Inform the client’s creditors of this delay as soon as reasonably practicable and within the period of five business days of the receipt of the relevant client money; and
  1. Perform daily checks of our records of the money held for the client concerned in accordance with the provisions of CASS 11.11.
  2. Where there is a failure to distribute client monies to their creditors within the timelines specified and this did not occur due to circumstances beyond our control, we will put the client into the financial position they would have been had the delay not occurred.

How you may end this agreement

  1. You may end this agreement at any time by giving us one month’s written notice.
  2. If you end this agreement within first six months of your debt management plan with us, the remaining balance of our fee must be paid as per clause “How you will pay us (Our management fee Explained)” I & II.to end this agreement.



How we may end this agreement

We may end this agreement by giving you two weeks written notice if any of the following happens.

  1. You fail to make at least one full monthly payment in any two months’ period and at least nine full monthly payments in any twelve-month period that you have the ACME Pay Plan with us.
  2. A bankruptcy petition is issued against you.
  • You enter into an Individual Voluntary Arrangement (IVA).
  1. If the information you have provided to us is not correct and complete.
  2. If the information you gave, at the time of acquiring any credit is considered incorrect or fraudulent by any creditor.
  3. If we are affected by any circumstances or situations beyond our reasonable control.
  • You breach this agreement in any way and do not rectify the breach within seven working days of our informing you that this agreement has been breached.

The effect of ending this agreement

If you end this agreement under the conditions of clause 8 or we end this agreement under any of the conditions of clause 9 then our duties and obligations under this agreement will come to an end.

Periodic Reviews

  1. We will undertake periodic reviews of your plan, in order to ensure the plan remains suitable for you.
  2. Financial /File Reviews will be conducted at least every 12 months or more frequently if necessary. The purpose of the review is to ensure that the plan is still appropriate for you and that your monthly payments are affordable.
  • At the review you will be asked to provide depending on your circumstances, your last income tax return, P60, payslips, bank statements for the 3 months immediately prior to the review, proof of benefit income, latest formal accounts, management accounts, self assessment tax return, VAT return and any changes in expenditure.
  1. We’ll also need to complete a new income and expenditure to identify any changes in your affordability. If it is identified that the plan is no longer appropriate for you, we will let you know and discuss alternative solutions. We will provide you with a payment statement at each review confirming how much we have paid to your creditors and the date that your payment was sent out. We will provide details of your remaining balances and the estimated term of your plan remaining (Time to pay your all debt and our fee calculations). The statements are available on request at any time.. Please note if we cannot carry out a review of your plan, this could leave us no choice but to terminate your plan.

Other Information

  1. Any information you give to us will be confidential.
  2. We will not provide this information to anyone else except for the Creditors you have authorised us to deal with or their authorised agents or both.
  3. You should keep copies of all documents that you send to us. We cannot guarantee to return any or all of these documents to you.
  4. Any notices we serve under this agreement will be validly served if we send them by post to the address shown on the authorisation form.
  5. English Law governs this agreement.