hi i owe 30 thous and contacted a company to help rthey suggested an iva and said they could get my payments to 260 a month ihave to pay them 260 a month until my iva arranged my concern why do i pay money to them when my iva not arrange yet and i may get knocked back from getting one what happens to the money i have paid to them
Check with your company to see whether the first payment is a fee for advice, or whether it is counted as the first contribution to your IVA if approved.
There are a lot of insolvency practices out there that ask for additional fees as well as the ones agreed by creditors- you should be careful that you're not paying any more than you have to.
However, some companies ask for early payment of the first contribution while the IVA is proposed, as this proves to the Insolvency Practitioner that you can afford the payment and helps to give you a contingency later on.
Which company are you dealing with and why have they told you you have to pay monthly until the IVA is in place? What stage of your process are they at?
MelanieGiles wrote:
Hi there and welcome to the forum
Which company are you dealing with and why have they told you you have to pay monthly until the IVA is in place? What stage of your process are they at?
hi thankyou the company is accuma and am just getting help from different companies
There is no need to pay anyone until your IVA has been at least prepared. Until the proposal has been drafted how are you to know that an IVA is the best option? Speak to other firms who do not charge up front fees for another opinion.
Get advice from others first. This sounds like they are asking for payment which wont go into your iva. I went with Cleardebt who are really very good and also a few on here including melanie Giles are good too. Ask them for advice and do not pay anything up front, wait until your iva has been accepted, then start paying.
Don't pay any up front fees unless you know they will form part of your IVA payments. Have a look on www.iva.com for reviews of IPs, or try contacting the experts who post on here - you can find their details in experts section at the side of the page.
Hi
Sometimes it is worth paying a company to prepare and pass your IVA onto a suitable practitioner. Many IPs are more than happy to accept cases like this.
Quality service and advice is well worth paying for, in my opinion.
Regards
