www.iva.co.uk

should i be concerned if a company asks for an upfront payment of 1000 pounds to start an IVA

As with most things it's best to shop around and find the best deal for you. There are companies which will not charge upfront. Their fees will be taken from the iva payments. If you go with them it's best to start living within the guideline budget with any leftover money being saved for any unknowns during the IVA period.

I agree with sprowstonboy, you should really shop around before agreeing to anything. May I ask what kind of offer you are considering making to creditors?

Sometimes IPs take upfront payments if they are unsure whether the IVA will be accepted by creditors. Othertimes this is just standard practice.

Good luck with it all in any event!

You should be very concerned avoid these companies like the plague.

Hi and welcome to the forum, visit www.iva.com for some reviews and by contacting a few of these companies you will receive FREE impartial advice. Make sure you know what any upfront payment is for and if it does indeed constitute your first payments on acceptance or is it an arrangement fee. I personally paid one payment upfront on the understanding this was my first payment and if in the unlikely event my IVA was declined then this payment would be returned to me forthwith.

Sorry having trouble navigating the site as i have flu ....Was told company could 'guarantee' monthly IVA payment of £350, my husband has told them we cannot afford the 1000 so they have offered to take 500 now and spread the other 500 over the 60 months of the iva at £50 per month unless my maths is bad thats £3000, i understand you don't get nothing for nothing but......... Any body that you would recommend

I think all of the professionals that use this site come highly recommended and I am personally with Melanie Giles. I would definitely talk to other companies in respect of your IVA. I'm not sure how they can guarantee an IVA payment of £350 either...a figure would be given but may be subject to modifications on the day...I think further advice from a professional is definitely in your best interest.

thank you so much i have been on this site on and off for over a year trying to decide what to do about our finances then decided to take the plunge and regiter wish i ahd done so before there are just so many people out there, only know one i know would discuss this except in private and my parents would be horrified if they knew and i am 46!

you're more than welcome stick around and ask as many questions as you need as there is always someone here with support and answers too. I'm a similar age to you and was in a mess pre-IVA but now I feel confident that I'm doing the right thing and things are moving on nicely for me. I wish you all the best and give a couple of IP's a ring and you'll be surprised they are non-judgemental and just want to help.

I would be cautious over this Company muddlementandchaos. I do not see how anyone can guarantee a monthly payment, if creditors reject your offer, what happens then? Have a ring around other licensed IP's to discuss your situation and choose someone you feel comfortable with.

Good luck

Ihave actually jusy reeived a call from Tina (Melanie's company) and I am not really suprised to hear that this company has been somewhat liberal with the truth, so if nothing else today has proved that we are doing the right thing and not following this company

So pleased to hear this, Tina will give excellent impartial advice, you're in safe hands there for sure.

Good luck, you have picked a good team with Melanie.

She will advise you and will not charge any upfront fees.

Hi
Good news that you have moved provider, nobody can guarantee payments into an IVA. Payments will only be confirmed once the creditors meeting has taken place.
What company did you initially approach ?
Regards

Hi and welcome to the forum...glad you've taken advice, now you'll get the free advice you deserve.

Like Andy - I'd be interested in which company was going to charge you £1000. Hubby went with one of these companies, only to find out they were merely acting as a referral to their sister company. So money for nothing in my opinion.