TERMS & CONDITIONS
Definitions
GW Financial Solutions UK Ltd (“we”, “us”, “the firm”) is authorised and regulated by the
Financial Conduct Authority (FRN 662424).
“You” means the person named on our client authority form (and your partner, if this is a joint
plan).
“Creditors” are the companies or people you owe money to (not including debts secured on
your home or goods).
“Debt Management Plan (DMP)” is the service where we collect a regular payment from you
and distribute it to your creditors.
“Completed Installment” means the total amount which is paid every month / four weeks by
you to us.
“Monthly payment” is the amount you pay to us each month under your plan.
“Set‑up fee” and “monthly management fee” are the charges we take for setting up and running
your plan.
“The period” is the time your plan is active—from your first cleared payment until the plan ends.
“Disposable income” means money left after essential bills and living costs.
When your plan starts & your right to cancel
Your plan starts when you accept these terms and we receive your first payment as cleared
funds.
You have 14 calendar days to cancel after your first cleared payment. Tell us by phone, email or
letter. We’ll refund any fees you’ve paid (that have cleared) within 30 calendar days. If the
deadline falls on a weekend or Bank Holiday, it moves to the next working day.
What we do for you
• We review your income, essential costs and debts to agree an affordable monthly payment.
• We make fair pro‑rata offers to your creditors and ask them to freeze or reduce interest and
charges (not guaranteed).
• We review your budget at least once a year to ensure the plan remains suitable, as part of
our Annual Review Process.
GW Financial Solutions will not take into account any matters you have not told us about.
Where you have credit commitments which are approaching or have already resulted in Legal
actions i.e. County Court Judgement (CCJ) the firm may need to allocate a specific sum, which
falls out of our “pro-rata” distributions in order that we satisfy this creditor. Where Legal action
has occurred, we will review what actions are required and whether the debt is able to be
managed as part of the Debt Management Plan.
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GW Financial Solutions UK Ltd — Terms & Conditions
During the negotiation process some Creditors may continue to charge interest and charges. We
cannot always prevent these charges being frozen. These will however be paid off as part of the
balance of that creditor within your Debt Management Plan.
What you must do for us
All required information must be provided before your first payment so we can distribute funds
on time. Please ensure you follow the requirements below.
• It’s important that changes in your personal and financial circumstances are
communicated with us. This ensures the advice we provide and continue to offer is in
line with your circumstances
• Send us any correspondence from creditors and tell us about any contact you have with
them.
• Do not take out new credit while you are on the DMP.
• Stop making payments directly to the creditors we are managing, unless you have been
advised otherwise.
• You remain responsible for paying priority commitments such as mortgages, secured
loans, and household bills.
Failure of the above could impact your payment being processed smoothly and cause
interruption to the services provided.
Temporary payment reductions
If you have a short‑term issue (for example, urgent car repair or temporary loss of income), we
may reduce your payment for up to 3 months in any 12‑month period. We’ll check your budget
and ensure the change still allows us to meet our regulatory obligations. If a reduction occurs
within your first 4 months, we may complete an ad- hoc review to confirm the plan remains
suitable. When the short‑term period ends, we’ll review your budget again and agree the next
regular payment.
Fees & charges
Set‑up fee (months 1–4): We retain 50% of each of your first four monthly payments, capped at
£175 per month (maximum £700 in total).
Monthly management fee (from month 5): We take 17% of your monthly payment, with a
minimum £39.95 and maximum £90.00.
Short‑term payment arrangement: (≤£90): Our fee is 17% of the reduced payment made during
the short‑term period.
Full & final settlements: If we negotiate reduced settlements, our separate fee is 20% of the
total saving.
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GW Financial Solutions UK Ltd — Terms & Conditions
Table of Fees
Set Up Fee
Monthly Management Fee
Short Term Payment Arrangement
For the work completed in
setting up the Debt
Management Plan, we retain
50% of the four completed
installments (Capped at
£700 in tot
al).
17% subject to a minimum
of £39.95 (capped at £90.00)
taken from each completed
instalment from month 5.
This is charged for the
ongoing service and
management of your Debt
Management Plan.
Management fee taken is
17% of the reduced payment
made, during the reduced
agreed payment period.
If you are in the first 4
months of your plan, the
standard set up fee is taken
Fees examples (illustrative)
Your monthly payment
Our Fee
We send to your creditors
£150 (months 1–4)
£75 (50%; under £175 cap)
£75
£400 (months 1–4)
£175 (cap)
£225
£150 (from month 5)
£39.95 (min)
£110.05
£300 (from month 5)
£51.00 (17%)
£249.00
£70 (Short-term reduction)
£249.00
*After month 4
£11.90 (17%)
£58.10
From time to time, the firm may review its fees to reflect national inflation and rising business
costs. Should any changes be necessary, we will communicate these to you using your agreed
communication channels.
.
How we hold and send your money
We pay your money into a separate client account under FCA rules for debt management firms
(CASS 11). We segregate and reconcile funds.
We normally send your payment to creditors within 3 working days after it clears. If we cause a
delay, we’ll put you back in the position you would have been in (including any extra interest or
default fees caused by our delay).
We do not accrue interest on funds held in the client account.
Where a creditor no longer is required to be paid i.e. balance has been paid in full, we will
distribute the completed instalments between your creditors.
If you choose to make payment towards your Debt Management Plan weekly or fortnightly, we
will not distribute payments between your creditors until either the full month’s payment has
accrued as cleared funds or 31 days since the first weekly/ fortnightly payment elapses,
whichever is soonest.
Recurring card payments (Continuous Payment Authority)
If you pay by card, you’re allowing us to take your agreed payments automatically.
You can cancel at any time by telling us or your card provider — your provider must stop
payments when asked.
If your bank declines on the day, the payment will be tried again and then we may try again for
up to 5 working days after, however we will try to contact you to discuss and agree to the next
steps throughout and after this period.
Continuous Card payment agreement:
• We’ll give you at least 10 working days’ notice of any change to your payment amount
or date.
• If a payment is taken in error or without your permission, you’re entitled to a refund.
Ending your plan
• You can end the plan at any time.
• We may end the plan if you miss 2 monthly payments, don’t complete required reviews, we
cannot safely deliver the service due to behavior or lack of engagement, your regular
affordable payment falls below £90 (we’ll refer you to free debt advice where we deem this
to be best advice) or you enter into an insolvency-based solution.
After termination: We stop acting for you and tell your creditors. Your remaining debts and any
interest/charges with each creditor still apply. We’ll return any money we’ve received after the
date we notify you that the plan has ended.
We reserve the right to retain the ‘setting up fee’ and any management fees deducted from
payments distributed between your creditors, where work has been completed on your behalf.
How to complain
• Phone: 0808 129 2010 or 0161 476 9500
• Email: complaints@gw-fs.co.uk
• Post: Complaints Officer, GW Financial Solutions UK Ltd, Watson House, 45 Waterloo Road,
SK1 3BJ
• Read our complaints procedure on our website.
Changes to these terms
If we change these terms, we’ll give you 28 days’ notice by email or letter (based on your
contact preference). We’ll explain what’s changing, when it takes effect, and whether any fee
changes apply to you.
