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?
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.
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.