iva any up front fee to pay

[sjw]

hi just wondered if there are any fee to pay when entering into an iva or are they all including in the monthly payments thanks x

[Andrew Graveson]

Hi sjw,

I understand that some IVA companies will ask for upfront payments before the IVA is set-up and normal monthly payments are being made.

Other IP's take the view that this is not necessary.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[frequentflyer]

The company I went with asked me for 2 payments up front equalling 2 payments that the iva would cost me. Prior to doing this they told me to stop all payments to creditors. I have since found out they are an introductory company who take the case on and then do the preliminary work before forwarding the case onto another company. Not sure in hindsight that this is the right way to go as I dont really see how the justify their fees....If I were you now I would go straight to an IP for advice...Melanie Giles on this forum is excellent.

[Beechy]

Most IP's will not charge an up front fee.

Beechy

[Adam Davies]

Hi
Most companies will not take a fee,some will ask for a payment upfront on account,and this will be used as your first payment when your IVA is agreed.
Some introducers take a payment,just be sure that you understand what it is for.
Be wary of companies that ask you to pay each and every month before your IVA is actually agreed.
With any payment upfront be sure to have in writing what happens to those payments if your IVA is declined.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[cr15py]

My IP asked for two monthly payments, which were made, and these will be deducted from my IP total, so I am infact two months ahead, then if I do come into any financial difficulty during the 5 years, I have these in reserve. If the IVA is not accepted, these will be refunded to me.

When I sat down and thought about it, I actually thought this was a really good idea.