This year we have found that we can no longer continue with minimum paymnets to creditors so they have all received a letter and a reduced payment two of them are now ringing us. In trying to find the answer I have come across IVA and now have 3 companies contacting me with their help (so more calls/emails)but it seems they take two months money as a set up fee no guarnatee we will be accepted and creditors receive nothing for 2 months. Apparently there are other companies who do not charge up front. Please help I don't know where to go now[:(]
I would suggest that you speak to one or two more companies. There are a lot out there who don't take upfront payments.
If you visit www.iva.com you will find a list of companies and reviews. Give one or two a ring and make sure you ask about upfront payments and if you make them and are not accepted, will you get the money refunded.
Your creditors won't receive any money straight away as the first few months are your IP fees. This is perfectly normal.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you prefer to choose an insolvency practitioner who charges you two payments up front - then so long as these are fully refundable if the IVA does not proceed in principle there is nothing wrong with this. Other firms will not charge, but this does not mean that you get a better or worse standard of service. I would try a few firms out to compare the advice and options they provide you with.