information on whether they reputable or not?

[brian.k]

Im jusy about to go through with an iva with a company called Churchwood Financial. I wanted to see if there was information on whether they reputable or not. They asking for a set up payment is this normal?

[aguise]

Hi Brian and welcome to the forum
The best place I can recommend is to take a look at iva.com , they have reviews on all the iva companies and IP's there.
As for upfront payments, some may ask for one as good faith to have in hand to show willing as such, but it should be returnable (and I would get this in writing) should the iva not be accepted. My advice would be to get initial advice from at least two companies.Melanie on this site is well recommended and her reviews on iva.com say the same.
Research and understand everything and all your options so that you can make a good informed decision on the best way forward.

Hope this helps.

Ang

[worryhead]

Hi there, i have just signed up with this company, they asked for a £450 fee and have quoted me £277 a month for my debts, i have not had my proposal through yet but i know 3 people at work that are through this company, and they have said they are really good, the IVA is run through there sister company Kingsgate, i have looked this up on IVA.com n it seems to be good, i will keep you posted

[brian.k]

Good to know, thank you 'Worryhead'. I know there are a few companies who dont charge a set up fee but include it in the monthly payments, which is the same thing really, but these days i tend not to trust anyone knowing the background of companies and creditors i have delt with. Mine is just about to be set up so this is good news to hear, i did wonder why they were working under 3 company names. Thank you also for your post Aguise.

[iva experts]

Hi Brian,

As aguise has already mentioned, www.iva.com is a good place to start if you want to see how the company you are going with are rated.

I would also contact another 2 companies just to make sure you have been given the correct advice. Its not necessarily a bad thing if companies ask for payments, but make sure that if your IVA fails at creditors meeting you can get this back. I dont agree with companies charging excess fees like £2000 etc I dont think this is necessary.

[worryhead]

i got my paperwork through and everything seems to be fine, they sent me a special delivery pre-paid envelope to send it all back in. they received this the next day and they are now getting my proposal ready they said my monthly payments should be £210 which is even better then what they originally asked for.

[Cybus]

Good to know, thank you 'Worryhead'. I know there are a few companies who dont charge a set up fee but include it in the monthly payments, which is the same thing really, but these days i tend not to trust anyone knowing the background of companies and creditors i have delt with. Mine is just about to be set up so this is good news to hear, i did wonder why they were working under 3 company names. Thank you also for your post Aguise.

I'm not sure it is the same thing. If my interpretation of worryhead's post is correst, he is being asked to pay an ADDITIONAL £450 on top of the 60 months contributions. The £450 will not be deducted from the contributions made in to the arrangement.
I suspect also that in the event of the arrangement not being approved, the £450 will NOT be refundable, simply because it is not being paid to the eventual IVA Provider, Kingsgate.

Check the terms in your engagement letters on that point.

[worryhead]

yeah thats right, it is an additional fee, and i do not think this is refundable, but they said there are other things they can try if an IVA is unsuccessfull, fingers crossed it is though. They did say they would not even attempt it if they did not think i had a good chance. I always speak to the same person which is good, and if he is unavailable he rings me straight back