It feels likes con to me

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kirsty587
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by kirsty587 » Mon Apr 24, 2017 3:34 pm
Im in touch with swift they are setting me up with a IVA 96 quid a month for 60 months! Do they make a profit? I feels like a con to me
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Lisa Thomas
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by Lisa Thomas » Mon Apr 24, 2017 3:58 pm
If you are not confident in what you are being asked to sign, you should not sign anything just yet. £96 a month is quite low for an IVA. Are you sure it's not a Debt Management Plan?
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Michael Peoples
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by Michael Peoples » Mon Apr 24, 2017 4:05 pm
If you are not comfortable get a second opinion from an insolvency firm or even the CAB. An IVA is not a con and IP firms do wish to make profits but not sure if your company is an actual insolvency practice.
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Foggy
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by Foggy » Mon Apr 24, 2017 5:40 pm
The firm do get fees for their services, which are deducted from the monthly payments. I think Swift are introducers, not the insolvency firm themselves --- they will pass you on to another firm for the actual IVA.

I would suggest chatting to several firms, as they do all operate a little differently, although there are not many that would operate an IVA much below a payment of £100 a month ( you could find that the term in increased to 72 payments at the creditors meeting).
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