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susan723
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by susan723 » Sat May 05, 2018 8:28 am
I phoned money worries. Explained my debts, she said you'd only pay £83.00 a month, then she put me onto hanover insolvency, whose said £159 a month for 5/6 yrs. Have sent me 24 pages to sign, I've had a family member read It, and they've said hanover insolvancy will get £4,000 b4 my debtors get anythink. I can't do DRO coz l have a car on finance and as l need it for my job, been advised to go for IVA, like others they kept saying, need paperwork signed ASAP, I'm not sure what to do.
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kallis3
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by kallis3 » Sat May 05, 2018 9:30 am
Hi,

Speak to one or two companies before making a decision. Initial payments will go for fees but nothing to worry about there.
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Foggy
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by Foggy » Sat May 05, 2018 9:54 am
As Kallis says -- speak to several companies. It is true, in nearly every case, that fees will come out before the creditors get their dividend. Usually though, this relates to the Nominees fee (Around £1500). The Supervisors fee, typically 15%, then comes out of each ongoing payment. Often the IP puts in the proposal how he would like to be paid and the creditors nearly always amend this at the meeting, with how they would like it done. This applies to all firms, good and bad.

Hanover seem to like pressurising clients into signing up -- once you do you are stuck with them! DO NOT let them pressure you into signing up for something you do not yet fully understand.
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MerlinL14
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by MerlinL14 » Sat May 05, 2018 12:09 pm
Hi Susan, take the advice given above. Do not be pressurised into signing anything! Seriously, an IVA will be with you for up to 6 years, you don't need it to be 6 miserable years because you jumped at the first chance you had to sort out your debts. All IVA companies will get a fair wedge of your payments, they are doing a lot of work in the background initially. If their fees are too high then it will be the creditors who reign them in, your total monthly payment will be inclusive of the fee, so you won't need to find another set of payments to sort to IVA company out. Your payments will depend on your disposable income and not some arbitrary figure given to you, plucked from the I bet you believe this book of cons, by a company just trying to get targets balanced. Your debts are not going to suddenly escalate in the month or two you need to make a decision on who you want to administer your IVA. Don't go with anyone who wants an upfront fee as a retainer, give them a wide berth. Read the forums, gauge from the posts which company it is you wish to engage with, stay calm and stay in control. Good luck.
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Foggy
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by Foggy » Sat May 05, 2018 12:15 pm
Merlin .. can you have a lookie here: post-of-the-month-t85136
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