Filled in a form online for an IVA and spoke to the chap from his company around 6 times already. I know this is the way forward but have major concerns, is it normal for a comapny to charge a fee, the representative said his companies fees over the 2 and half years total two and half thousand - Is this normal - I want to get rid of this debt not get them taking money out of the money I pay. We have the papers to sign, just havnt signed them and the man is ringing back again on Thursday 21st April. Is there a cmpnay to go with that is less than this and more reputable? Or are they all the same? Very worried and confused - H
It is normal for you to pay fees during the course of your IVA - it will be taken out of your normal monthly payments. You can't expect a company to work and not get paid for their time. An IVA lasts for longer than two and a half years though.
If you are not happy then you can speak to another company. Visit www.iva.com for a list of companies and reviews and give one or two a ring for free and impartial advice.
Which company have you spoken to?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi. As Jan says, they all charge fees, (even the charitable companies), as no organisation will survive without funding. The level of fees will be agreed with the creditors and most charge around £1750 - £2000 for preparing the proposal (nominees fees) and the get around 15% of the monies paid in after that (supervisors fees).
Which company have you been speaking with ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think it's a good idea to speak with a couple more companies just to ensure you've received impartial advice. All companies as others say will charge as none of us work for nothing but I've never been fussed by the fees as if the creditors didn't like them they would say at the meeting as does sometimes happen and that is deal with by the IP. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The fees are normally drawn from your monthly payments and agreed with creditors. They are only payable if the IVA is approved so normally you have nothing to be concerned about as you receive no hidden bills. By all means get a second opinion but as the others say all IP firms have to charge a fee.
