Fees to set up the IVA

[london35]

Hi,

How much do you have to pay to the company that sets up your IVA? I've read somewhere that around two payments of what you expect to pay once the IVA is approved? Is this true? and if so how you can pay this amount if you had a;ready spent almost all the money you had paying your debts?

Thanks

[Adam Davies]

Hi
Some companies ask for nothing upfront and others,as you say,ask for two months.Some ask you to start making monthly payments each and every month.
Once you have decided that an IVA is for you then you are usually advised to stop making any payments to your unsecured creditors,this money can then be used to fund your IVA.
Be sure to look at several companies before choosing one
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

[MelanieGiles]

Such fees are generally charged by introducer companies rather than IPs directly.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[london35]

So Melanie may I ask you how much does your company charges to set up the IVA?

Regards

[MelanieGiles]

We charge a nominee's fee for setting up the IVA, which is payable from monies paid by the debtor once the IVA has been accepted and are thus agreed by creditors. These days our fee is generally based upon four or five monthly contributions, but the true cost is in the region of £2,500.

I do not take monies from clients on an "up front" basis, but do like to see the first IVA payment in place prior to the IVA being accepted as a gesture of willingness and good faith by my client.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp