Can anyone please confirm when payments of your IVA actually commence? I am having quotes at the moment from different IPS. Some want monies up front and some would rather wait until the IVA is agreed.
I suppose it does depend on the company. We and many others will look for the first payment to be on hand in time for the meeting of creditors and if the IVA is rejected we will return the payment.
Monthly payments actually commence immediately from when the IVA is approved. Many companies prefer you to start making advance payments before the IVA is proposed or accepted, as this proves that the monthly payment is affordable.
Just make sure that these monthly payments aren't additional fees - it's rarely the case, but it pays to be sure.
I made my first one two weeks after the IVA was approved as we had no way of paying any other way - no cheque book and no debit card.
I believe you have 28 days in which to make the payment.
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
Whilst it is important to understand what is expected of you, your choice of IP should not be made on the basis of whether you are required to make a payment in advance or not.
Far better to base your decision upon the accessability of the IP, the diligence of the work they carry out on your behalf, their relationships with your creditors (the ultimate decision makers) and their individual success rate at creditors meeting and upon completion. And a first payment will only be requested from you in advance of the creditors meeting if you can afford to pay it.
