How much is it to setup IVA. Quoted 3700 pounds

[Jonathon]

How much do these companies usually charge? I am in the early stages of setting up an IVA with a company that has told me that the cost that I will have to pay for the setup is going to be around £3700.00 cash. Does this figure seem accurate? Please advise me as soon as you can. Kind Regards, Jonathon

[aguise]

Hi Jonathan fees are usually built in to the proposal so in effect it just reduces the amount that the creditors get, if yoiu dont mind which company. Am I right they want you to pay 3700 before the iva is set up if so dont pay there is no need itt should com,e from your monthly iva payment not upfront.

Ang



Please visit my blog at http://aguise.blogs.iva.co.uk/

[Oliver]

It is important to determine whether you are being asked for this money as an upfront payment or whether these are the fees that will be built in to your IVA and ultimately be paid by your creditors?!!

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Welcome to the Forum Jonathon,

If the company is asking you to pay £3,700 to set up an IVA, then I would advise that you run away as fast as you can - its not justified!

The fees that you pay your I.P will be paid should be reflected in the dividend that you pay back to your creditors, not a single lump sum amount.

Best Regards. IVA Experts

[Adam Davies]

Hi
Yes if they are askng for money upfront in cash then run away as fast as you can.
There are many IVA providers that will set up and propose your IVA with no upfront fees.Your creditors will pay the IP fees if the IVA is accepted and if it,s not your IVA provider will get zero.A great incentive for them to do a great job and to get your IVA proposed.
Regards

Andy Davie
IVA.co.uk Spokesperson

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]

Without knowing the details of your case, it is difficult to say whether these fees are justified or not to be frank. But most insolvency practitioners who specialise in IVAs will not ask you to pay the fees up front. Is there any reason why you have been asked for this?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva experts]

Everything so far is an assumption until further information is provided but how could this company expect that a person who is insolvent pay set up fees of £3700?

Best Regards. IVA Experts

[MelanieGiles]

By realising an asset perhaps, or borrowing money from a family member? If the case is difficult, and the IP has to drop everything for instance to prepare a quick proposal and run to Court for an Interim Order to defeat an impending bankruptcy petition, such requests can be justified in certain circumstances, but are not of course the norm.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk