About us and what we do

J3 Debt Solutions are based in Glasgow City Centre. We are regulated by the Institute of Chartered Accountants of Scotland.

Our offices are located at 144 No. 1 West Regent Street, Glasgow, G2 1RW and our Insolvency Practitioner is Jamie Carmichael.

We are a new Company with fresh ideas about how things should be done but at the heart of everything that we do is our commitment to helping you find the right solution for the debt problems you have. Meet our team here.

Fees and Key Information

J3 Debt Solutions Ltd is a firm of licensed Insolvency Practitioners. Jamie Carmichael is licensed by the Institute of Chartered Accountants of Scotland. J3 Debt Solutions is a provider of Insolvency and formal solutions which include Trust Deeds, Debt Arrangement Schemes (DAS) and Sequestration (in Scotland) and Individual Voluntary Arrangements and Bankruptcy (in England).

As part of our service, we’ll review your financial situation and help you understand the available options. We will only provide advice after completing or receiving and initial fact find where the individual (s) concerned meets the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency solution.

The risks of all suitable solutions will be explained clearly to help you decide whether to go ahead with a debt solution.

There is no charge for the assistance we provide prior to you entering an Insolvency solution with J3 Debt Solutions. In the event that J3 Debt Solutions is unable to provide you with, or advise you on, the solution that is best fitting for your needs or circumstances, we may refer you to one of our regulated partners.

If you choose to go ahead with a solution with J3 Debt Solutions, we will complete a fact find with you to allow J3 Debt Solutions to implement your solution. If we require to refer you to one of our regulated partners, we will complete a no obligation referral and pass a completed fact find, supporting documents and information to a qualified and preferred partner, who will then contact you and prepare you for the next steps based on the solution that is best fitting your circumstances. We may receive a commission from our partners for this referral, but you will not be charged directly by us.

Should you proceed with an Insolvency Solution, fees are payable. It should be noted, however, that the fees payable are a cost of your solution and you will not receive a separate request for payment.

Any fees applicable in a Trust Deed will be contained within our letter of engagement and set out to you in writing. All fees and outlays incurred during the administration of your trust deed are met from the realisations made from your income contributions and/or assets and are exempt from VAT; i.e. the payments you make to your solution.

The illustration below details the fees and outlays that may be involved in the administration of a Trust Deed.

As detailed above, the fees and outlays which are paid in a Trust Deed, DAS or sequestration, are paid out of the funds you would pay to your solution in priority to the payment of your debts. Typical Trust Deed fees comprise different elements to the work that is done throughout the (typical) four-year term of your solution:

1. A fixed fee is charged, and this is typically between £2,500-£3,000, for a four-year Trust Deed.
2. An additional fee based upon a percentage of the total assets & contributions realised in the Trust Deed also applies and is typically set at 20%.
3. Outlays incurred after the date the Trust Deed was signed are met as costs of the Trust Deed and include statutory advertising of your Trust Deed, insurance bonds of the Trustee, property and personal searches, and, if applicable, property valuations.

There are three types of fees involved in an IVA:

Nominee’s fee
The Nominee’s fee goes towards the process of making the IVA agreement between you and your creditors. This involves helping you to prepare your IVA Proposal, providing details of your finances, and organising the meeting with the creditors.

Supervisor’s fee
The Supervisor’s fee is the ongoing management and administration work of overseeing your IVA, including your annual review. The fee structure can vary

Disbursement costs
Other IVA costs are known as disbursements, which include a range of miscellaneous costs to maintain your IVA. These can include expenses paid to third parties, insurance, and a registration fee when you register your IVA with the Insolvency Service. If you get any legal advice on your case, that could be charged as a disbursement. If you own property, disbursement costs could include valuations of your property and land registry fees.

We will never ask you to pay any fees upfront. Instead, they will be covered by your monthly contributions. We will also tell you the fees involved and how they’re calculated before you decide to commit to an IVA. Always check your IVA Proposal and Chair report for the final fees agreed by your creditors.

The typical total fee for a 5 year IVA is £3,650 and for a 6 year IVA it’s £4,000. This is inclusive of the Nominee Fee, Supervisor Fee and Disbursement Costs. All fees are covered within your monthly contributions. In some instances, your creditors may reduce this amount

*We may apply an additional 15% charge on any other asset realisations that may be included in your IVA, such as windfalls.