Posted: Thu Jan 03, 2008 4:55 pm
Now that my IVA has been accepted and I have read a lot of posts on the forum, I begin to wonder if I have been 'had over' somewhat....Specifically, I see constant references on here that IP's do not charge 'up front fees'..that some companies that do deduct these payments from your iva repayment etc etc...IVA introductory companies, however, seem to do this as standard, I was charged around £1000 up front by the company I went with and now I am starting to have concerns...apart from giving me initial advice and working out a basic spreadsheet of income & expenditure they did not really do very much for my £1000 before they passed the case on to another company who dealt with my proposal up to the creditors meeting. The IP fees are still being charged at around £7000 from the IVA and I am certainly not having my £1000 deducted from my iva repayments.....so Im curious, is this industry practice, is it legal, and have I been ripped off??? More to the point should there not be tighter controls on this practice persuading people in debt situations to go direct to an IP rather than such companies?