First payment

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Posts: 87
by ANNED » Mon Sep 25, 2017 11:42 am
Hey cf have took the first payment from my bank today even though it's not even been accepted yet is this normal ?? And if it doesn't get accepted do they refund you it what way will it work ??
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Michael Peoples
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by Michael Peoples » Mon Sep 25, 2017 12:13 pm
You need to check with CF but hopefully it is irrelevant anyway and the IVA is through. We often ask for the first payment to be made at the time of the meeting but if people cannot do this it is not an issue. If someone does make a payment to us and the IVA is rejected then we will always reimburse the client if we cannot overturn the rejection. In fairness rejections are quite rare anyway for standard consumer debt IVAs.
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by Foggy » Mon Sep 25, 2017 12:46 pm
As Michael says, at least you have that first payment out of the way --- I would suggest having a word with CF about the timing of payments though, maybe a day or two after salary goes in, to make sure the funds are there in the bank !
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by sheraz.butt » Tue Sep 26, 2017 7:45 pm
Insolvency Practitioners can work differently when it comes to the IVA payments at the start.

I would definitely speak to them making sure it isn't an additional payment for setting up (unless you agreed this at the start and may have forgotten). They will be able to tell you exactly what it is for though.
If it is your 1st payment - at least you don't have to worry about it once it is approved (fingers crossed).
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