Is it right that will be charged 2 payments to set up an IVA ?

[Jamesd7657]

I am considering doing an IVA and have been contacted by Moneysolve, they want to charge me to set up the IVA and have mentioned 2 payments. Is this right

[Michael Peoples]

Most firms do not charge up front fees so shop around and get free advice from an insolvency firm. You only start making payments when the IVA is approved so all your contributions go into the IVA pot. In the unlikely event of the IVA being rejected there is usually nothing to pay so confirm that too with your chosen IP firm.

[kazzafunk]

I would not have gone with a company that charges up front fees. There are many IP firms around that do not expect any payments until the IVA is approved.

You can contact some of the companies that post on here (look in the ask experts a question section) or check out some firms on www.iva.com.

We went with McCambridge Duffy and had no problems whatsoever during the IVA. It's best to speak to 2 or 3 companies and see who you feel most comfortable with. You will be working with them for 5 or 6 years so best choose the one you feel understands you.

[size5]

If the 2 payments reduce your IVA term by 2 months, or if they are refundable in the event of rejection then there seems no risk to you.

I would contact them for clarification, and, in the event of doubt, ask for the same in writing.

Regards.

[Almost done now]

I was charged 2 payments by Vincent Bond.
These 2 payments were not part of my iva, although great service I do feel knowing what I know now it did delay setting up my iva so I would go straight to a firm that actually does set up the IVA.

[Shining]

I paid one payment up front on the understanding in the unlikely event the IVA wasn't approved then it would be returned, it was approved and so my 60 Month IVA started as a 59 months left

[seagulls]

I did not pay anything up front and I was with Payplan.

[MerlinL14]

My initial experience as the same as Lesley's. One payment as a commitment payment upfront, started IVA with 59 payments to complete.

[nearly-there]

I was with Payplan as well, no money up front, they were brill.

[FormerlyST1100]

I am with Stepchange, IVA started beginning of the August with my first payment on 1st Sept just after my next payday.