Paying a non returnable bond ?

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Vanessa.99

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Post by Vanessa.99 » Thu Sep 02, 2010 3:18 pm
I have been asked by my proposed insolvency practitioner to pay a "bond" of £900.00 plus Vat which is non-refundable if the IVA is not accepted. I was under the impression that their fees would be paid out of the monthly contributions I would make into the IVA. Please can anyone advise if this is normal practice?
 
 

FormerlyST1100

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Post by FormerlyST1100 » Thu Sep 02, 2010 3:29 pm
I would consider looking elsewhere Vanessa, I am with CCCS and did not have to pay anything up front.
IVA was agreed 3rd August and first payment made 1st Sept.
Have a look for other IP's and ask questions before deciding.
Melanie Giles on here has a very good reputation from people on here, don't know where she gets the time to post as well as being an IP, she must work 20 hours a day.
Last edited by FormerlyST1100 on Thu Sep 02, 2010 3:29 pm, edited 1 time in total.
 
 

animaleyes76

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Post by animaleyes76 » Thu Sep 02, 2010 3:39 pm
Walk away!

Which company is it?

Often they are just debt management companies that refer you on (for a nice fee) to their IVA partner company.

There is no need to pay this money.

Have a look on www.iva.com. All of the IP's that post on here come recommended. Take advice from 2-3 companies and don't be rushed or bullied into handing money over at this point.

:)
 
 

Vanessa.99

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Post by Vanessa.99 » Thu Sep 02, 2010 3:59 pm
Thanks to both of you. I was sure this could not be right. It is a local (reputable?) insolvency practitioner that I have approached so I was very surprised to be asked for upfront fees.
 
 

Michael Peoples

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Post by Michael Peoples » Thu Sep 02, 2010 4:48 pm
Many local insolvency practitioners will ask for a payment for their time up front. This could take into account the amount of work involved and given that they would normally deal with businesses in trouble the amount is not unreasonable.

If would be worth seeking a second opinion as many IPs operate on a no win no fee basis and are paid from the contributions if the IVA is successful.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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